The Nigerian Education Loan Fund (NELFUND) has threatened legal action against institutions found to be engaging in deceptive practices within the student loan scheme.
The threat is coming on the heels of recent findings that some institutions, after receiving student loan disbursements directly into their accounts, failed to notify the affected students or reflect the payments in their school fee records.
Some institutions were found to have failed to inform students of loan disbursements made on their behalf while still demanding payment of institutional fees from the same students.
Reacting to the development in a statement he signed yesterday, the Managing Director and Chief Executive of the NELFUND,
Mr. Akintunde Sawyerr warned institutions against withholding student loan disbursement information.
Describing the act of withholding financial information from students is not only unethical but also a direct violation of the principles upon which NELFUND was established. Mr Sawyerr warned that “We will not hesitate to take legal action against any institution found engaging in such deceptive practices.”
“Recent findings by NELFUND have revealed that some institutions, after receiving student loan disbursements directly into their accounts, have neglected to notify the affected students or reflect the payments in their school fee records, creating unnecessary confusion.
“This act of withholding critical financial information from students is not only unethical but a direct violation of the principles upon which NELFUND was established.
“We will not hesitate to take legal action against any institution found engaging in such deceptive practices,” he reiterated.
The MD emphasised that NELFUND’s mission is to expand access to higher education by relieving the financial burden on Nigerian students and their families, in line with the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Mr Sawyerr further called on all institutions to uphold transparency and work collaboratively with the Fund in ensuring the efficient delivery of this national mandate.
“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds. We urge institutions to support this noble cause and avoid any actions that could undermine public trust or deny students their rightful support,” he said.
“The Fund reassures students and the public of its commitment to accountability, fairness, and the successful implementation of the student loan scheme across the country,” he added.
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