Scheme disburses N156m to 1,264 students in two varsities

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has dismissed allegations of misappropriation of funds in the agency, saying there is no evidence to support such claims.
 
In an interview with ARISE NEWS yesterday, Sawyerr said NELFUND required capital to provide loans to students and linked the establishment of the scheme to the Federal Government’s decision to redirect funds towards welfare programmes.
 
“There is no evidence of financial misappropriation by NELFUND. The reality is that for people to take a loan, there has to be some capital they can draw on.
 
“The link is that President Bola Tinubu has removed subsidy on the one hand, and is reassigning the funds and pushing it into welfarist programmes, of which NELFUND is one,” Sawyerr said.
 
He also affirmed the transparency of NELFUND’s financial disbursement process, denying claims that the scheme operates without transparency.
 
Sawyerr explained that NELFUND made electronic payments to institutions and students, ensuring they could be tracked. He added that the fund recently disbursed over N1 billion to the University of Ibadan, while upkeep allowances were paid directly into beneficiaries’ bank accounts.

Meanwhile, NELFUND has disbursed a combined N156.11 million in school-fees loans to 1,264 students at Niger Delta University (NDU), Bayelsa State, and Dennis Osadebay University (DOU), Asaba, Delta State.
 
The development was contained in separate letters of acknowledgement and appreciation signed by the Vice-Chancellors of the two universities and addressed to NELFUND.
 
At Niger Delta University, the Fund disbursed N126.07 million to support the school fees of 1,125 students for the 2025/2026 academic session.
 
The university’s Vice-Chancellor, Prof. Allen Agih, in a letter dated July 24, 2026, said the institution had received the money from NELFUND on behalf of the affected students.
 
Agih expressed appreciation to the Fund for its continued support and commitment to advancing education and institutional development.
 
Similarly, Dennis Osadebay University acknowledged receipt of N30.0445 million from NELFUND for 139 students for the 2025/2026 academic session.
 
In a letter dated August 4, 2026, the university’s Vice-Chancellor, Prof. Samuel Aghalino, also acknowledged the disbursement on behalf of its management and students.
 
He thanked NELFUND for the intervention, saying the Fund’s interventions had had a positive impact on beneficiaries.
 
Both institutions applauded the Managing Director of the Fund, Akintunde Sawyerr, for his effective management of the scheme and the positive impact of the initiative on beneficiaries.