The Nigeria Education Loan Fund (NELFUND) has strongly refuted claims of missing funds in its student loan scheme after reports alleged financial mismanagement by some institutions.
Consequently, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) launched an investigation to verify these accusations.
Akintunde Sawyerr, NELFUND’s Managing Director, has publicly defended the fund’s integrity, asserting that no embezzlement occurred.
During an interview on Channels Television’s Sunday Politics, he directly countered the allegations, stating, “No money has been stolen.”
He emphasized that President Bola Tinubu established the loan fund to support underprivileged students.
Moreover, Sawyerr dismissed claims that N71 billion had been diverted by educational institutions.
He clarified that the funds strictly serve their intended purpose: assisting financially disadvantaged students.
“The money bridges the gap for those who cannot afford education,” he reiterated. “No funds are missing or stolen.”
However, Sawyerr admitted that implementation challenges arose due to human intervention.
Nevertheless, he maintained that these issues did not involve fraud. “Some problems emerged during this phase, but no theft occurred,” he explained.
NELFUND remains fully committed to transparency and accountability throughout the process.
Additionally, the organization has pledged full cooperation with the ICPC investigation, expressing confidence that the probe will vindicate its operations.
The student loan scheme was designed to promote educational access and social equity in Nigeria, aligning with the government’s broader objectives.
As the investigation proceeds, NELFUND urges stakeholders and the public to avoid premature judgments.
The organization reaffirmed its dedication to maintaining trust and ensuring that the loan scheme benefits deserving students.
Ultimately, NELFUND remains focused on its mission to provide equitable educational opportunities nationwide.
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