NELFUND Boss Breaks Silence On Financial Misappropriation Claims

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has dismissed allegations of financial misappropriation within the agency, insisting that there is no evidence to substantiate the claims.

According to Bush Radio Academy, Sawyerr made the clarification during an interview with ARISE NEWS on Monday, where he defended NELFUND’s financial processes and the manner in which funds are distributed to beneficiary institutions and students.

The NELFUND boss explained that the agency’s operations require adequate capital to provide educational loans, adding that the initiative forms part of the Federal Government’s broader efforts to redirect resources towards social welfare programmes.

Sawyerr maintained that NELFUND’s disbursement system is transparent because payments are made electronically and can be traced through the financial system.

He disclosed that the agency recently transferred more than ₦1 billion to the University of Ibadan, with funds sent directly to the institution, while upkeep allowances are paid directly into the bank accounts of eligible students.

“There is no evidence of any financial misappropriation by NELFUND,” Sawyerr said, stressing that electronic transfers make it possible to trace funds from the Central Bank of Nigeria to institutions or individual beneficiaries.

He questioned claims that the agency’s operations lacked transparency, noting that NELFUND’s electronic payment structure was designed to minimise opportunities for financial abuse.

The NELFUND chief also defended the agency’s beneficiary selection process, saying applications are submitted electronically and assessed using established requirements rather than personal connections or other discriminatory factors.

According to him, applicants are required to provide details such as their National Identification Number, Joint Admissions and Matriculation Board registration number, admission or matriculation details and bank account information.

Sawyerr said the automated system does not take into consideration an applicant’s gender, ethnic background, political connections or relationship with NELFUND officials.

He explained that the requirement for a NIN helps establish Nigerian citizenship, while JAMB and admission details confirm that applicants are qualified students in recognised tertiary institutions.

He added that the use of bank accounts for disbursement further eliminates cash handling, making the movement of funds easier to monitor.

Sawyerr maintained that the system was designed to operate independently of personal influence, insisting that applicants do not need connections to NELFUND officials to benefit from the student loan scheme.

He said the agency would continue to prioritise electronic transactions and traceable disbursements as part of its commitment to accountability and transparency.