Setting the Record Straight: NELFUND Stands Firm Against Allegations of Missing Funds
Funding Agency Responds to Allegations of ₦71 Billion Disappearance
Contrary to reports, the Nigeria Education Loan Fund (NELFUND) has categorically dismissed claims that ₦71 billion is missing from the student loan program. In an interview on Channels Television's Sunday Politics, the NELFUND Managing Director and CEO, Akintunde Sawyerr, emphasized that no funds have been pilfered or misused.
"There isn't a single penny missing from our student loan program. Let me be absolutely clear - no money has been stolen," Sawyerr asserted.
The denial follows a media report implicating some educational institutions in the potential diversion of funds designated for student beneficiaries. Subsequently, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) initiated an investigation.
Despite the ongoing probe, Sawyerr maintained that the loan program remains transparent and uncorrupted. "No ₦71bn is missing," he reiterated.
The Loan Disbursement Process Demystified
In response to concerns about delays and non-payment claims, NELFUND's boss, Akintunde Sawyerr, explained the loan disbursement process.
"There isn't a direct transfer of funds from our account to the students," Sawyerr clarified. Instead, funds are channeled directly to the institutions to cover tuition and institutional charges, bypassing students entirely.
However, there are exceptions when students have already paid their tuition and require a refund. "The schools are expected to provide open access to students for their courses," Sawyerr added.
Investigations are Underway
Acknowledging the possibility of human error contributing to discrepancies, Sawyerr confirmed that an exhaustive investigation is being conducted to identify any lapses and irregularities.
"We are working diligently to understand the root cause and resolve any issues," he said.
For more:
- ICPC Clarifies: Missing NELFUND Money was an Error - ICPC Backtracks
- ₦71 Billion Allegedly Diverted from FG Student Loan - ICPC Reveals
- Ex-Foreign Affairs Director, Goka Arraigned Over Alleged ₦5 Million Fraud
- Top Nigerian Immigration Officer Arraigned Over Alleged ₦17.6 Million Multi-agency Salary Fraud
- Rivers Assembly Drags RSIEC Chairman to EFCC, ICPC
- ICPC to Probe Ex-Osun Commissioner, Adeleke Over Alleged Fraud
- The Nigeria Education Loan Fund (NELFUND) vehemently denies allegations that ₦71 billion is missing from its student loan program, emphasizing that no funds have been misappropriated or stolen.
- Amid the ongoing investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), NELFUND's Managing Director and CEO, Akintunde Sawyerr, asserted that there isn't a single penny missing from their student loan program.
- Contrary to media reports, Sawyerr insists that the loan program remains transparent and uncorrupted, clarifying that no funds are transferred directly to students, but instead, are channeled directly to schools to cover tuition and institutional charges.
- Acknowledging the possibility of human error, Sawyerr confirmed that an exhaustive investigation is being conducted to identify any lapses and irregularities within the NELFUND's operations.
- In the realm of Nigerian general news, politics, business, and finance, scandals involving misappropriated funds in the educational sector, immigration, and other government agencies continue to unfold, such as the case of the ex-Foreign Affairs Director, Goka, charged with an alleged ₦5 million fraud.
- The ongoing probe by the ICPC and other authorities into alleged fraud within several institutions, like the case of the Rivers Assembly, the Nigeria Immigration Service, and the Osun State Government, highlights the need for increased accountability and transparency in Nigeria's public funding agencies like NELFUND.
