NELFUND Accuses Tertiary Institutions of Delaying Student Loan Payments

The Managing Director of the Nigeria Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has accused some tertiary institutions of deliberately delaying the payment of student loans to successful applicants.

This accusation was corroborated by the Director General of the National Orientation Agency (NOA), Mr. Lanre Issa Onilu, who expressed concern over the attitude of some institutions and financial institutions in withholding information regarding loan disbursement.

According to reports, some institutions have failed to acknowledge NELFUND's disbursement to students, potentially for personal financial gain. The NOA and NELFUND have warned collaborating banks and institutions to desist from such activities.

NELFUND's investigation revealed that some institutions have received student loan disbursements directly into their accounts but refused to inform the affected students. The Managing Director emphasized that this act is unethical and a breach of the principles on which NELFUND was established. Legal action will be taken against any institution engaged in such deceptive practices.

The agencies urge institutions to cooperate with NELFUND to ensure timely disbursement of student loans and support the education sector.