The managing director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has issued a strong warning to tertiary institutions allegedly failing to inform students of loan disbursements made on their behalf.
Addressing journalists in Abuja on Thursday, Sawyerr revealed that some institutions, after receiving student loan funds directly into their accounts, continued to demand payment of institutional fees from the very students whose loans had already covered these expenses.
“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 stated.
He further disclosed that certain institutions had not reflected the loan payments in their internal financial records, creating unnecessary confusion and stress for students.
Sawyerr warned that the Fund would not tolerate any form of deception or non-disclosure, stressing that legal measures would be taken against any institution found guilty of such misconduct.
“We will not hesitate to take legal action against any institution found engaging in such deceptive practices,” he declared.
He reaffirmed that NELFUND’s primary objective is to alleviate the financial burden on Nigerian students and their families, in alignment with President Bola Tinubu’s Renewed Hope Agenda.
“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds,” he reiterated.
Sawyerr called on all institutions to support the fund’s mission and avoid any actions that could erode public trust or hinder students from accessing their entitled support.
“We urge institutions to support this noble cause and avoid actions that could undermine public trust or deny students their rightful support,” he appealed.
He also reassured the public of NELFUND’s commitment to transparency, accountability, and the effective implementation of the nationwide student loan programme.
Since its launch in May 2024, NELFUND has disbursed a total of ₦45.1 billion in student loans nationwide as of March 2025. This includes ₦29.86 billion allocated to institutional fees and ₦15.23 billion for upkeep allowances, benefiting over 445,000 students.
According to the latest update, 525,936 students have registered on the loan platform, with 445,015 successfully completing the application process—an 84% approval rate.
To strengthen the system’s integrity, NELFUND also announced plans to update its database to detect and eliminate disbursements to students who have dropped out but continue to receive stipends.
