*Akintunde Sawyerr, Managing Director and CEO of the Nigeria Education Loan Fund maintains there is no N71 billion missing or stolen money from the student loan scheme despite recent claims to the contrary, insisting, 鈥楴o money has been stolen鈥�

Isola Moses | 绿帽献妻

The Management of the Nigeria Education Loan Fund (NELFUND) have insisted that there is no N71 billion missing of stolen money from the student loan scheme despite claims to the contrary.

绿帽献妻 reports that a recent report has alleged that some tertiary institutions of earning were diverting the funds dedicated to the scheme.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) subsequently launched an investigation into the alleged fund diversion by some schools.

Clarifying the issue during his appearance on a Channels TV programme Sunday, May 4, 2025, Mr. Akintunde Sawyerr, Managing Director and Chief Executive Officer (CEO)of NELFUND, however, asserted that the fund has a clean bill of health.

Sawyerr stated: 鈥淲e are all looking for this so-called money. First of all, let me be very clear. No money has been stolen.

鈥淭he President, in his wisdom and well-intentioned programme, decided that he was going to set up the Nigeria Education Loan Fund,鈥�

鈥淏ut let me go back and just continue to correct this misconception. No N71bn is missing.鈥�

The Managing Director of NELFUND said: 鈥淪o the funds that we鈥檝e been given are to bridge the gap for those who don鈥檛 have the money to be able to attain the education.

鈥淣o money is missing. No money has been stolen. There had been some issues with what happened at this phase, where human intervention comes in.鈥�

He also stated: 鈥淣o money is missing. No money has been stolen. There鈥檇 be some issues with what happens at this phase, where human intervention comes in.鈥�

Hitherto, some parents and students have complained of delayed payment, and in several instances, the money has not been getting to the beneficiaries, according to reports.

The NELFUND Chief Executive, nonetheless, averred that the funds are not disbursed to the students.

Sawyerr explained: 鈥淟et me correct a misconception there. There is no disbursement from the NELFUND account through the schools to the students.

The NELFUND money goes to the schools for their tuition or institutional charges. The schools are supposed to give unfettered access to the students for classes.

鈥淭he schools do not disburse to the students, except in the case where the student has already paid their fees, in which case there has been a double payment.鈥�

He added: 鈥淪o there鈥檚 a very careful, meticulous investigation going on to try to understand where this is happening and how it鈥檚 happening,鈥� NELFUND.鈥�

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