NELFUND Warns Schools Over Student Loan Fraud and Threatens Legal Action
The Nigerian Education Loan Fund (NELFUND) has warned institutions that are tampering with student loan disbursements, threatening legal action against any school found guilty of deception. This move comes after NELFUND discovered that some institutions received student loan payments but failed to notify the students or update their school fee records accordingly. Instead, these schools continued to demand payment from the affected students.
In a strong statement released on Thursday, NELFUND’s Managing Director and Chief Executive, Mr. Akintunde Sawyerr, expressed serious concern over these fraudulent acts, stressing that they go against the values of transparency and fairness the Fund stands for.
Sawyerr stated, “Recent findings by NELFUND have revealed that some institutions, after receiving student loan disbursements directly into their accounts, have neglected to notify the affected students or reflect the payments in their school fee records, creating unnecessary confusion. This act of withholding critical financial information from students is not only unethical but a direct violation of the principles upon which NELFUND was established.”
He made it clear that NELFUND will not hesitate to take legal action against any institution found to be involved in such practices. The Fund was created to make higher education accessible for all eligible Nigerians, especially those struggling financially, and any attempt to sabotage this mission will not be tolerated.
Mr. Sawyerr also linked NELFUND’s efforts to the Federal Government’s Renewed Hope Agenda, stressing the importance of fairness and support for every eligible student. He urged all educational institutions to uphold the integrity of the scheme and cooperate fully with NELFUND’s processes.
“We urge institutions to support this noble cause and avoid any actions that could undermine public trust or deny students their rightful support,” he said.
NELFUND further reassured both students and the general public of its commitment to accountability, transparency, and the successful delivery of the student loan scheme across Nigeria.
What triggered NELFUND’s threat of legal action?
NELFUND found that some institutions were keeping student loan funds without informing the students or updating their fee records, and still asking them to pay.
