The University of Ilorin and Federal University of Technology, Akure (FUTA) have denied involvement in any shady dealings related to the administration of the Federal Government’s student loan scheme.

In separate statements, both institutions described the accusations as untrue.

Unilorin’s director of corporate affairs, Kunle Akogun, in a statement, stated that the institution does not levy students, noting it is renowned for zero tolerance for illegality.

Akogun emphasised that while the first tranche of N52,897,000 for 802 students for the 2022/2023 session has been refunded, the second tranche of N219,407,370 for 2,171 beneficiaries had a shortfall of N2,500 each, based on expected school charges.

“The third Tranche of N679,020,930 was for 7,273 students. Payment to Batch 1 of this category (1,907 students), whose details have been confirmed for a full refund, is ongoing,” Akogun said.

“For the avoidance of doubt, the University of Ilorin does not levy any student. As a responsible corporate citizen and one that is well known for its zero tolerance for any illegality, we do not engage in any shady deal to the detriment of our students, whom we hold very dearly.”

Also, in a statement by FUTA Director of Corporate Communications, Adegbenro Adebanjo, the school said the “students captured in the first batch would start getting their refunds in the next 72 hours.

“Another reason for the slight delay in disbursement is the fact that the fund was released in two tranches into the University’s CBN accounts. One batch into the existing account and the other into a newly created account.

“The newly created account is yet to be linked to our payment platforms on Remita. We have written to the appropriate authority to get a new account linked for the disbursement of fund.”