NELFund boss reacts to alleged fraud in student loan scheme, gives account

Amid growing concerns over alleged mismanagement of student loans, the Managing Director of the Nigerian Education Loan Fund (NELFund), Akintunde Sawyerr, has come forward to set the record straight.

In an interview with TVC on Saturday, May 3, 2025, Sawyerr addressed swirling reports that some institutions were misappropriating funds meant for student beneficiaries. He dismissed the allegations as “unverified, context-free, and inflammatory,” adding that such claims are “false, grossly irresponsible, and damaging to the integrity of the scheme.”

According to him, NELFund has disbursed a total of N54 billion to 303 institutions nationwide so far, with N24 billion sent directly to students’ bank accounts and N30 billion used to cover institutional charges. He revealed that 293,000 students have benefited from the fund.

Reacting to the Independent Corrupt Practices and Other Related Offences Commission (ICPC)’s ongoing investigation and reports that 51 tertiary institutions were involved in illegal deductions, Sawyerr explained that in some cases, institutions had held onto fees already paid by students, in addition to funds received from NELFund.

ALSO READ: FG summons VCs to answer questions over alleged fraud in student loan scheme

“In such cases, those students are entitled to refunds,” he said. “There may be issues around accessing those refunds, but students must get their money back.”

He also confirmed that some institutions might be imposing additional charges, which he says is at the heart of the controversy.

Regarding the application process, Sawyerr assured the public that the NELFund platform is user-friendly, though he encouraged students facing issues to contact him.

“So far, we’ve received 512,000 applications, and we’re seeing between 1,800 to 2,500 new applications daily,” he said.

ALSO READ: ICPC makes U-turn in ₦71.2bn NELFUND diversion claim