The Nigerian Education Loan Fund (NELFUND) has denied allegations of misappropriation and mismanagement of funds, calling them ‘entirely false’ and ‘grossly irresponsible’.

NELFUND stated that its student loan scheme is fully automated, eliminating opportunities for financial misconduct, and that all institutional fees are paid directly to verified institutions.

In a statement on Thursday by its Director of Strategic Communications, Oseyemi Oluwatuyi, the agency attributed the reports to what it called ‘a coordinated distortion of facts, using figures from different education financing interventions that predate NELFUND’s operational commencement’.

NELFUND affirmed its commitment to transparency, accountability, and cooperation with oversight agencies, urging the public to await verified updates directly from the organization.

Oluwatuyi insisted that “no funds have been mismanaged, stolen, or are unaccounted for under the current NELFUND student loan scheme.

“The scheme officially launched its student loan application portal in 2024. As of today, all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible student applicants.

“The figures and funding amounts currently being misrepresented in the public are drawn from entirely different education financing interventions predating NELFUND’s operational commencement. They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution.

“NELFUND operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct. Every application and disbursement is digitally tracked, time-stamped, and verifiable.

“Our commitment to transparency and cooperation with oversight agencies, including the ICPC, is total and unwavering. We have complied fully with every request for information and will continue to uphold the highest standards of public accountability.

“The circulation of unverified, context-free, and inflammatory claims at this critical stage of implementation is not only reckless, it is a deliberate sabotage of a nationally significant, people-centered programme designed to expand access to tertiary education and economic mobility.

“We call on the media, stakeholders, and the public to resist the pull of sensationalism and await verified updates directly from NELFUND.”