SIR: The recent press release from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) implied improper management of funds by the Nigerian Education Loan Fund (NELFUND)—of which I am a part—was inappropriate. It has exposed my agency to unfair allegations from detractors and enemies of this government.

Although the ICPC has since retracted its statement and cleared NELFUND of wrongdoing, the damage has been done. This gaffe has left NELFUND vulnerable to unwarranted criticism from those with hidden agendas who have persistently attempted to create public distrust against our agency.

It is crucial to highlight that NELFUND proactively identified issues related to affected tertiary institutions hoarding institutional payments or unlawfully deducting disbursements. Some institutions even charged students for fees that NELFUND had already covered. We gathered this information through various communication channels with students.

Following our findings, we issued a press release, committing to take legal action against any institutions found guilty of such practices to uphold our name and integrity. We subsequently informed the ICPC, providing the names of some institutions across federal and state tertiary institutions involved in this fraud. 

Along with many others, I am surprised that NELFUND seems to be facing repercussions for exposing these issues. This situation exemplifies the distressing reality of the whistleblower becoming the target.

The transparency of NELFUND’s funding sources is a matter of public record, specifically the monetary allocations from the Federal Government that are processed through the Central Bank of Nigeria (CBN). NELFUND is committed to financial accountability and consistently updates the public through interviews and press releases about loan disbursements to recipient institutions and individual borrowers, as communicated by the managing director.

As of April 30, 2025, NELFUND has disbursed over N54.2 billion, including N30.2 billion in institutional payments to tertiary institutions and N24.0 billion in upkeep student loans, covering colleges of education, polytechnics, and universities. A total of 298,211 student loan beneficiaries across 303 institutions have received funding.

Notably, 98 per cent of NELFUND’s operations are conducted digitally, minimising direct contact with beneficiaries and invalidating any claims of bias. Delays in loan disbursement stem from the necessary verification of applicant data by the operations team at NELFUND, as it often takes more than two months for some institutions to verify the lists of students we provide.

I understand that NELFUND’s continued success may be disappointing to those who wish to undermine our efforts. Nevertheless, we remain committed to realising President Bola Ahmed Tinubu’s selfless initiative to expand access to tertiary education and foster equal opportunities for all, regardless of social class. It is undeniable that NELFUND has received positive feedback from parents and beneficiaries regarding its operations.

Student loans have become a key component of the Federal Government-led Renewed Hope Agenda and have garnered significant public support for President Tinubu. This positive reception is attributed to NELFUND’s commitment to transparency, accountability, and impact, which has helped rebuild public trust in governmental service delivery.

NELFUND has actively engaged with stakeholders, including security agencies, student organisations, and anti-corruption watchdogs, to strengthen this trust. We have maintained this synergy and have gained stakeholders’ confidence and support for our operations. It is encouraging that relevant government agencies and parastatals, such as anti-graft agencies, the Ministry of Education, and the National Orientation Agency (NOA), are interested in investigating the sabotage against our student loan scheme.

Dr Fred Femi Akinfala is the executive director, finance and administration, NELFUND.