NELFUND BOSS DENIES ALLEGATIONS OF FINANCIAL MISAPPROPRIATION
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By:Tajudeen Aminat
The Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, has denied allegations of financial misappropriation within the agency, insisting that there is no evidence to substantiate the claims.
Speaking during an interview with ARISE NEWS on Monday, Sawyerr explained that NELFUND requires adequate funding to provide loans to students, noting that the scheme was established as part of the Federal Government’s broader welfare initiatives following the removal of fuel subsidy.
He said the funds allocated to NELFUND were intended to support students who might otherwise struggle to finance their education.
Sawyerr also defended the agency’s financial transparency, saying its disbursement process is electronic and fully traceable.
He disclosed that NELFUND recently transferred more than N1bn to the University of Ibadan, while students’ upkeep allowances were paid directly into their bank accounts.
According to him, the electronic nature of the transactions makes it possible to track funds from the Central Bank of Nigeria to beneficiary institutions and students.
Sawyerr also dismissed concerns about a lack of transparency in the selection of beneficiaries, explaining that applications are processed electronically without consideration of applicants’ ethnicity, gender or personal connections.
He said applicants are assessed based on established requirements, including having a valid National Identification Number, JAMB registration details, admission or matriculation information and a bank account.
The NELFUND boss maintained that the system was designed to ensure equal access to the student loan scheme and prevent favouritism or interference in the selection process.
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