NELFUND warns Nigerian establishments in opposition to withholding pupil mortgage disbursements info
The Managing Director of the Nigerian Schooling Mortgage Fund (NELFUND), Akintunde Sawyerr, has issued a stern warning to tertiary establishments that failed to tell college students of mortgage disbursements made on their behalf.
Sawyerr gave the warning on Thursday whereas addressing journalists in Abuja.
Sawyerr stated current findings by the Fund revealed that some establishments, after receiving pupil mortgage disbursements immediately into their accounts, have continued to demand cost of institutional charges from the identical college students.
“This act of withholding vital {financial} info from college students just isn’t solely unethical however a direct violation of the ideas upon which NELFUND was established,” he stated.
He stated the establishments have additionally did not replicate the mortgage funds of their inner information, creating confusion for college kids.
NELFUND threatens authorized motion
The NELFUND boss warned that the Fund is not going to tolerate any type of deception or non-disclosure from establishments, stressing that obligatory motion will probably be taken.
“We is not going to hesitate to take authorized motion in opposition to any establishment discovered participating in such misleading practices,” Sawyerr warned.
Sawyerr restated that NELFUND’s mandate is to alleviate the {financial} burden on Nigerian college students and their households in step with the imaginative and prescient of President Bola Tinubu’s Renewed Hope Agenda.
“NELFUND exists to make sure no eligible Nigerian is denied the chance to pursue larger training because of lack of funds,” he stated.
Collaboration vital to success
He known as on establishments to assist the Fund’s efforts and keep away from actions that might undermine public belief or deny college students their entitled assist.
“We urge establishments to assist this noble trigger and keep away from actions that might undermine public belief or deny college students their rightful assist,” he stated.
He additionally assured the general public of NELFUND’s dedication to transparency, accountability, and the profitable implementation of the scholar mortgage scheme throughout the nation.
What you must know
As of March 2025, NELFUND has disbursed a complete of N45.1 billion in pupil loans throughout the nation since its inception in Could 2024. This contains N29.86 billion for institutional charges and N15.23 billion as repairs allowances, benefiting over 445,000 candidates.
In keeping with the replace, a complete of 525,936 college students have registered on the mortgage platform, with 445,015 candidates efficiently making use of for {financial} help. This represents an 84% success fee for pupil mortgage purposes below the scheme.
To make sure that solely eligible college students proceed receiving {financial} assist, NELFUND plans to replace its system and college students’ database to establish dropouts who’re nonetheless receiving stipends.
