The Federal Ministry of Education has launched an investigation into alleged illegal deductions from the institutional fees disbursed by the Nigerian Education Loan Fund (NELFUND) to beneficiaries of the Student Loan scheme.
Education Minister Dr. Tunji Alausa described the alleged infractions as “very disturbing and extremely concerning.” He has summoned a critical meeting for May 6 with vice chancellors of the affected institutions and NELFUND’s Managing Director, Akintunde Sawyerr, to ensure accountability.
The 9am News report confirms that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also probing the matter. ICPC spokesperson Debola Bakare said initial findings revealed gaps in financial records, prompting investigation letters to key officials, including the Director General of the Budget Office, the Accountant-General of the Federation, and executives from the Central Bank of Nigeria (CBN).
ICPC’s preliminary report shows that while N203.8 billion was received by NELFUND as of March 2023, only about N44.2 billion has been disbursed to 299 institutions, benefiting over 293,000 students.
NELFUND, however, firmly denied any wrongdoing. In a statement by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, the agency called the allegations false and misleading, stressing that all funds are paid directly to verified institutions and upkeep allowances to students’ verified accounts. NELFUND emphasized its fully automated loan system eliminates opportunities for mismanagement.
“Every application and disbursement is digitally tracked, timestamped, and verifiable. We remain committed to full transparency and accountability,” the statement read.
Minister Alausa warned that unauthorized deductions undermine the goals of NELFUND and the President’s commitment to equitable education access. The Ministry is also launching a compliance-tracking initiative, a countdown webpage, and plans to introduce an Annual University Transparency Index to strengthen institutional accountability.
The ICPC investigation continues, and the Ministry reassured the public that any wrongdoing will be met with strict sanctions.
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