NELFUND warns Nigerian establishments towards withholding scholar mortgage disbursements info

The Managing Director of the Nigerian Schooling Mortgage Fund (NELFUND), Akintunde Sawyerr, has issued a stern warning to tertiary establishments that failed to tell college students of mortgage disbursements made on their behalf.

Sawyerr gave the warning on Thursday whereas addressing journalists in Abuja.

Sawyerr stated latest findings by the Fund revealed that some establishments, after receiving scholar mortgage disbursements straight into their accounts, have continued to demand cost of institutional charges from the identical college students.

“This act of withholding essential monetary info from college students is just not solely unethical however a direct violation of the ideas upon which NELFUND was established,” he stated.

He stated the establishments have additionally didn’t mirror the mortgage funds of their inside data, creating confusion for college kids.

NELFUND threatens authorized motion 

The NELFUND boss warned that the Fund is not going to tolerate any type of deception or non-disclosure from establishments, stressing that crucial motion will likely be taken.

“We is not going to hesitate to take authorized motion towards any establishment discovered participating in such misleading practices,” Sawyerr warned.

Sawyerr restated that NELFUND’s mandate is to alleviate the monetary burden on Nigerian college students and their households in step with the imaginative and prescient of President Bola Tinubu’s Renewed Hope Agenda.

“NELFUND exists to make sure no eligible Nigerian is denied the chance to pursue increased schooling as a result of lack of funds,” he stated.

Collaboration essential to success 

He known as on establishments to help the Fund’s efforts and keep away from actions that might undermine public belief or deny college students their entitled help.

“We urge establishments to help this noble trigger and keep away from actions that might undermine public belief or deny college students their rightful help,” he stated.

He additionally assured the general public of NELFUND’s dedication to transparency, accountability, and the profitable implementation of the scholar mortgage scheme throughout the nation.

What you need to know 

As of March 2025, NELFUND has disbursed a complete of N45.1 billion in scholar loans throughout the nation since its inception in Could 2024. This contains N29.86 billion for institutional charges and N15.23 billion as maintenance allowances, benefiting over 445,000 candidates.

Based on the replace, a complete of 525,936 college students have registered on the mortgage platform, with 445,015 candidates efficiently making use of for monetary help. This represents an 84% success price for scholar mortgage functions underneath the scheme.

To make sure that solely eligible college students proceed receiving monetary help, NELFUND plans to replace its system and college students’ database to establish dropouts who’re nonetheless receiving stipends.