The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund, Akintunde Sawyerr, has rejected allegations of financial misappropriation at the agency, insisting that there is no evidence to substantiate the claims.
Sawyerr made this known during an interview with ARISE News on Monday, while explaining how NELFUND receives and disburses funds to students and tertiary institutions.
He said the student loan scheme required adequate capital to operate, adding that the establishment of NELFUND was part of the Federal Government’s broader welfare initiatives following the removal of fuel subsidy.
“There is no evidence of any financial misappropriation by NELFUND. The reality of it is that in order for people to take a loan, there has to be some capital they can draw on,” he said.
Sawyerr also dismissed concerns that the fund’s financial operations were not sufficiently transparent, saying all disbursements were conducted electronically and could be tracked.
According to him, NELFUND recently transferred more than N1bn to the University of Ibadan, while students receiving upkeep allowances had the funds paid directly into their bank accounts.
“The transfers of money are done electronically. It’s entirely traceable,” he said.
“The money leaves the Central Bank of Nigeria and goes either to the institution, the University of Ibadan, or in the case of upkeep, goes directly to the students in their bank accounts.”
The NELFUND chief said the student loan programme had helped address financial barriers that could prevent students from completing their education.
He explained that funds meant for institutions were transferred directly to them, while upkeep allowances were paid directly to eligible beneficiaries.
“We paid, I believe, over a billion naira to the University of Ibadan recently. And those funds are transferred directly to the institution. So, where is the opacity in that?” he asked.
Sawyerr further defended the fairness of NELFUND’s beneficiary selection process, stating that applications were processed electronically without consideration for applicants’ ethnicity, gender or personal connections.
He said applicants were assessed based on established requirements, including having a National Identification Number, a Joint Admissions and Matriculation Board registration number, proof of admission and a bank account.
“We receive applications electronically. The system doesn’t recognize whether you’re male, female, whether you’re Igbo, Hausa, Yoruba, Fulani, Ibibio, or Ogoja,” he said.
He added that the electronic system prevented personal relationships from influencing the selection process.
“From our perspective, it’s completely agnostic as far as how people are chosen or concerned. It doesn’t care whether you’re friends with the Managing Director or in-laws with the Executive Director. It doesn’t care,” Sawyerr said.
The NELFUND boss maintained that the electronic nature of the programme ensured that both institutional payments and student allowances could be traced from their source to the final beneficiaries.
