NELFUND denies scholar mortgage funds discrepancy amid unaccounted N71.2 billion ICPC probe  

The Nigerian Schooling Mortgage Fund (NELFUND) has denied stories of unaccounted funds discrepancy underneath the present NELFUND scholar mortgage scheme.

The rebuttal on Thursday comes hours after the Unbiased Corrupt Practices and Different Associated Offences Fee (ICPC) commenced a complete probe into alleged discrepancies surrounding the disbursement of scholar loans underneath the NELFUND, amid considerations over an unaccounted sum of N71.2 billion.

In an announcement signed by Mrs. Oseyemi Oluwatuyi, Director, Strategic Communications, NELFUND, the fund claims stories of alleged misappropriation and mismanagement of funds are totally false and deeply damaging to the integrity of an establishment established to ship {financial} hope to tens of millions of Nigerians.

NELFUND’s place on the alleged Discrepancy  

• NELFUND maintains that “No funds have been mismanaged, stolen, or are unaccounted for underneath the present NELFUND scholar mortgage scheme.”

• It defined that the scheme formally launched its scholar mortgage utility portal in 2024, including that as of as we speak, all institutional charges are paid on to verified establishments, whereas maintenance allowances are disbursed to the verified {bank} accounts of eligible scholar candidates.

“The figures and funding quantities at present being misrepresented within the public are drawn from totally completely different edUcation financing interventions predating NELFUND’s operational graduation.  

“They bear no relevance to the present scholar mortgage scheme and shouldn’t be falsely attributed to this establishment, ” the official added.  

The official additional highlighted that NELFUND operates a zero human interface, absolutely automated mortgage system that eliminates alternatives for {financial} misconduct.

“Each utility and disbursement is digitally tracked, time stamped, and verifiable, ” the official added.  

In response to the assertion, NELFUND’s dedication to transparency and cooperation with oversight businesses, together with the ICPC, is complete and unwavering.

“We’ve complied absolutely with each request for info and can proceed to uphold the very best requirements of public accountability, ” it added.  

• NELFUND mentioned it stays centered, undeterred, and dedicated to the clear supply of this nationwide mandate, including that the way forward for Nigeria’s youth is just too necessary to be hijacked by misinformation.

Backstory 

The ICPC earlier disclosed in an announcement on Thursday, stating that the Chief Govt Officer of NELFUND, Akintunde Sawyerr, officers of the Central {Bank} of Nigeria, and others have been invited to current their aspect of the story in regards to the alleged discrepancy related to the scholar loans.

• This motion follows a current media report alleging that no fewer than 51 tertiary establishments have been implicated in unlawful deductions and exploitation associated to the NELFUND scheme.
• These establishments have been accused of constructing unauthorized deductions starting from N3,500 to N30,000 from every scholar’s institutional charges paid via the mortgage fund.
•  Preliminary findings by the ICPC revealed vital gaps within the {financial} data of the disbursement course of.
•  The Fee emphasised that whereas the Federal Authorities reportedly launched N100 billion for the scheme, solely N28.8 billion was disbursed to college students, leaving an unaccounted steadiness of N71.2 billion.

The ICPC maintained that the state of affairs clearly displays discrepancies within the administration of the scholar mortgage scheme.

It additional introduced that the investigation will now lengthen to beneficiary establishments and particular person scholar recipients.

The Fee assured that additional updates can be supplied because the investigation progresses.

What You Ought to Know

NELFUND was signed into regulation underneath the present administration of President Bola Tinubu on April 3, 2024, marking a historic step towards making certain sustainable larger training and useful talent improvement for Nigerian college students and younger individuals.

• The first goal of NELFUND is to supply {financial} assist to certified Nigerians for tuition, charges, and dwelling bills at authorised tertiary and vocational establishments inside Nigeria.
• The fund is ruled by a board of administrators comprising representatives from related ministries, regulatory our bodies, and taking part businesses—together with the Federal Ministries of Finance and Schooling—whereas the administration crew is led by Managing Director Akintunde Sawyerr, who oversees each day operations.

As of February 3, 2025, NELFUND introduced it had disbursed a complete of N20,074,050,000 in institutional charges, benefiting no fewer than 192,906 college students throughout varied tertiary establishments within the nation.

The Fund additionally dismissed stories alleging that over N104 billion had been disbursed underneath the Scholar Mortgage Scheme on the time.