The Nigerian Training Mortgage Fund (NELFUND) has denied allegations of mismanagement, following experiences that scholar mortgage funds could have been diverted by some universities.
This comes because the Federal Ministry of Training summoned Vice Chancellors of affected establishments for a gathering scheduled for Could 6, 2025.
The Ministry, reacting to a report revealed by The Guardian on April 29, stated it was “deeply involved” by claims that sure universities made unauthorized deductions from scholar loans disbursed by means of the NELFUND scheme.
Minister of Training, Dr. Marut Olatunji Alausa, described the allegations as “very disturbing and intensely regarding,” warning that “any unauthorized deductions from scholar loans not solely breach {financial} ethics but additionally undermine the very basis upon which NELFUND was established.”
“Let me guarantee Nigerians that this matter is not going to be swept beneath the carpet,” the Minister added. “Anybody discovered culpable will face acceptable sanctions.”
The Ministry additionally introduced new initiatives to enhance transparency, together with a compliance-tracking system, an Annual College Transparency Index, and necessary coaching for bursars and ICT heads.
In the meantime, in an in depth assertion issued on Thursday, NELFUND refuted claims of misappropriation following an earlier disclosure by the Impartial Corrupt Practices and Different Associated Offences Fee (ICPC). The fee had alleged that of the ₦100 billion launched for scholar loans, solely ₦28.8 billion was disbursed, with ₦71.2 billion unaccounted for, prompting an investigation into a number of establishments and fund managers.
However NELFUND, by means of its Director of Strategic Communications, Oseyemi Oluwatuyi, dismissed the experiences as baseless and dangerous to public belief.
“These experiences, which recommend misappropriation and mismanagement of funds, are solely false, grossly irresponsible, and deeply damaging to the integrity of an establishment established to ship {financial} hope to hundreds of thousands of Nigerians,” the assertion learn.
“It is a coordinated distortion of info that undermines public belief, weaponizes misinformation, and threatens the credibility of a nationwide intervention nonetheless in its infancy.”
NELFUND stated all tuition charges are paid on to verified establishments and maintenance allowances are despatched to college students’ verified {bank} accounts.
“No funds have been mismanaged, stolen, or are unaccounted for beneath the present NELFUND scholar mortgage scheme,” the company acknowledged.
It defined that the figures being circulated stem from different schooling financing initiatives that existed earlier than NELFUND started operations in 2024.
“They bear no relevance to the present scholar mortgage scheme and shouldn’t be falsely attributed to this establishment,” the assertion added.
NELFUND stated its system is totally automated and eliminates any human interface in processing loans.
“Each software and disbursement is digitally tracked, time stamped, and verifiable,” Oluwatuyi stated.
He additional affirmed the company’s cooperation with all oversight our bodies, together with the ICPC.
“Our dedication to transparency and cooperation with oversight companies, together with the ICPC, is whole and unwavering. We now have complied totally with each request for data and can proceed to uphold the very best requirements of public accountability.”