In a recent interview, Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFund), addressed serious allegations regarding the misappropriation of funds intended for student loans. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched an investigation into these claims, which suggest that 51 tertiary institutions may have engaged in illegal deductions and exploitation of students.
Sawyerr responded to these accusations during a segment aired on TVC on Saturday, May 3, 2025. He firmly denied the allegations, labeling the reports as “unverified, context-free, and inflammatory.” Furthermore, he described the claims as “false, grossly irresponsible, and damaging” to the integrity of the NELFund scheme.
According to Sawyerr, NELFund has successfully disbursed a total of N54 billion to 303 institutions, of which N24 billion was sent directly to students’ bank accounts. This financial support has benefitted approximately 293,000 students across the country, highlighting the critical role that NELFund plays in providing educational opportunities.
"The funds go to the institutions. The institutions get hold of the funds from NELFund. The important thing for us is that students have access,” Sawyerr explained. He acknowledged that there have been instances where institutions withheld students’ fees alongside the funds received from NELFund, which may have contributed to the confusion surrounding the allegations.
“In certain cases, the institutions may be asking the students to be paying extra charges. I think that is where the allegation lies,” he added. Sawyerr further clarified that if students have already paid their fees or if someone paid on their behalf, it would mean that the institution has received funding from NELFund for that student, alongside the student's own payment.
He emphasized the importance of ensuring that students receive any refunds they are entitled to, stating, “There may be some issues around getting refunds for students. They must get their refunds.”
Sawyerr also noted that NELFund has received a staggering 512,000 applications to date and is currently processing between 1,800 and 2,500 applications daily. He assured applicants that the NELFund website is user-friendly and encouraged anyone facing challenges to reach out for assistance.
"As far as we are concerned, our site is simple and easy to access. However, if people are struggling to access the website, they can contact us,” he said.
In light of the ongoing investigation, the National President of the National Association of Nigerian Students (NANS), Olusola Oladoja, has called for accountability within the educational institutions involved. He stated that any vice chancellor or rector found to be engaging in dubious practices within the Nigerian Students Loan scheme must be removed from office.
Oladoja's comments reflect a growing concern among students regarding the management of the loan scheme and the integrity of the institutions involved. This situation has sparked a broader conversation about the need for transparency and accountability in the disbursement of educational funds.
As the investigation by the ICPC unfolds, the future of the NELFund and its impact on students’ education hangs in the balance. The organization must navigate these allegations while continuing to support the educational aspirations of thousands of Nigerian students.
In conclusion, the allegations against NELFund and the institutions involved raise significant questions about the management of educational funding in Nigeria. As the ICPC investigates these claims, it is crucial for all parties to uphold the integrity of the educational system and ensure that students receive the support they need.
