The Federal Authorities has summoned Vice Chancellors of a number of Nigerian universities over allegations of unauthorized deductions from scholar mortgage accounts disbursed below the Nigerian Schooling Mortgage Fund (NELFund).
In a press release issued by the Federal Ministry of Schooling on Thursday, the federal government expressed “deep concern” over a report alleging that some universities had diverted a part of the mortgage funds meant for college students.
Based on the assertion signed by the Director of Press and Public Relations, an emergency assembly has been scheduled for Might 6, 2025, between the Vice Chancellors of the affected establishments and the Managing Director of NELFund to handle the matter.
“The Federal Ministry of Schooling has acquired with deep concern a report revealed by The Guardian Newspaper on Tuesday, April 29, 2025, alleging some Nigerian universities to have made unauthorized deductions from funds disbursed below the Nigerian Schooling Mortgage Fund (NELFund) scheme,” the assertion learn.
Minister of Schooling, Dr. Marut Olatunji Alausa, described the allegations as “very disturbing and intensely regarding,” stressing that such {financial} misconduct, if confirmed, can be a severe breach of belief and coverage.
“Any unauthorized deductions from scholar loans not solely breach {financial} ethics but in addition undermine the very basis upon which NELFund was established,” the minister stated.
“If confirmed true, such actions would represent a gross violation of public belief and a betrayal of the federal government’s dedication to equitable entry to schooling.”
He emphasised that good governance stays central to the Nationwide Schooling Sector Reform Initiative (NESRI), and vowed that the ministry would take swift motion.
“We’re dedicated to strengthening transparency, selling accountable {financial} conduct, and guaranteeing that each kobo allotted for scholar welfare is used appropriately. Let me guarantee Nigerians that this matter won’t be swept below the carpet. Anybody discovered culpable will face applicable sanctions,” Dr. Alausa added.
“NELFund was created to increase college students’ entry to high-quality schooling and to assist universities financially in a authorized and sustainable manner. Any try to take advantage of this fund is unacceptable and contradicts the President’s imaginative and prescient for inclusive human capital improvement,” he stated.
To implement accountability, the ministry introduced plans to introduce a set of latest measures, together with a compliance-tracking initiative, a public countdown webpage, and an Annual College Transparency Index in partnership with the Athena Centre.
Additional, coaching packages will likely be held for bursars and ICT heads of universities and polytechnics to make sure correct administration and openness by way of a deliberate open-portal initiative.
In the meantime, the Unbiased Corrupt Practices and Different Associated Offences Fee (ICPC) had earlier revealed that solely ₦28.8 billion out of the ₦100 billion launched to establishments below the coed mortgage scheme had been distributed to college students. The fee alleged that roughly ₦71.2 billion could have been misappropriated.
Officers from the Central {Bank} of Nigeria and senior executives of NELFund, together with its CEO and Government Director, have additionally been invited to supply documentation and clarifications as a part of the continuing investigation.