NELFUND CEO Denies Missing N71 Billion in Student Loan Scheme

Controversy Surrounding Alleged Fund Discrepancies

The Chief Executive Officer of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr, has firmly denied allegations of missing funds in the student loan program, following recent controversy sparked by the Independent Corrupt Practices Commission (ICPC).

ICPC’s Initial Alarm and Retraction

Last week, the ICPC raised concerns about alleged discrepancies and missing funds totaling N71 billion in the student loan scheme. Although the commission later admitted its error in accusing NELFUND of misappropriation, the disclosure has continued to generate public debate.

NELFUND’s Strong Rebuttal

During an interview on Channels TV, Mr. Sawyerr maintained that the fund has a clean bill of health. “No money has been stolen,” he stated emphatically. “The president, in his wisdom and well-intentioned programme, decided to set up the Nigeria Education Loan Fund. But let me correct this misconception—no N71 billion is missing.”

Clarifying the Loan Disbursement Process

Addressing student complaints about payment delays, Sawyerr explained the fund’s disbursement mechanism: “There is no disbursement from the NELFUND account through the schools to the students. The NELFUND money goes to the schools for their tuition or institutional charges. The schools are supposed to give unfettered access to the students for classes.”

He further clarified that schools only disburse funds to students in cases where fees have already been paid, resulting in a double payment scenario. “There’s a very careful, meticulous investigation going on to understand where and how this is happening,” he added.

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