NELFUND denies diverting student loan funds

Nigerian Education Loan Fund (NELFUND) on Friday, said there was no verified evidence indicating that student loan funds were diverted at the University of Abuja.

The Fund disclosed this in a statement in Abuja, by its Director, Strategic Communications, Mrs Oseyemi Oluwatuyi.

Oluwatuyi said the body noted recent media reports alleging diversion, misappropriation or unlawful withholding of its disbursements by the institution.

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She said there was no verified evidence currently before it, establishing that the university diverted or misapplied any of its funds.

“NELFUND wishes to state clearly, that as of this moment, there is no verified evidence before the Fund, establishing that the University of Abuja has diverted, misappropriated, or unlawfully withheld NELFUND disbursements,” she said

She explained that NELFUND operated a structured disbursement and reconciliation framework in line with its statutory mandate.

Oluwatuyi added that funds were released through established institutional channels, with compliance mechanisms to ensure accountability and transparency.

“Where concerns arise regarding timelines of crediting student accounts or institutional reconciliation processes, NELFUND engages directly with the relevant institution to clarify and resolve such matters administratively and in accordance with due process.

“It is important to emphasise that allegations reported in the media, do not constitute established findings.

“NELFUND remains committed to relying strictly on verified documentation, formal reconciliation procedures, and audit mechanisms in addressing any issues relating to its disbursement processes,” she said.

She reaffirmed NELFUND’s commitment to protecting eligible Nigerian students, and ensuring lawful application of all disbursements.

She also pledged the Fund’s continued collaboration with partner institutions to uphold transparency, accountability and integrity of the student loan programme.