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NELFund Affirms Proper Handling of N54bn Disbursed to Students Across 303 Institutions

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By Gloria Ikibah

The Nigeria Education Loan Fund (NELFund) has reiterated that the disbursement of N54 billion to students in 303 educational institutions has followed a clear and verifiable process, contrary to circulating claims suggesting otherwise.

Managing Director of NELFund, Akintunde Sawyerr, made this clarification during a session with the House of Representatives Committee on Students Loans on Wednesday. His comments came amid public concerns following recent statements by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

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According to Sawyerr, the ICPC had released a statement the previous Friday indicating it had conducted preliminary inquiries into certain transactions involving educational institutions.

The agency reportedly noted instances that raised questions, particularly around institutional practices and student interactions relating to school fees and access to educational resources.

Sawyerr explained that the public discourse was likely influenced by a media report which mentioned 51 institutions in relation to the alleged discrepancies. However, he emphasized that NELFund’s internal documentation shows all disbursements to date amounting to N54 billion out of a total N203 billion allocated for the student loan programme have been properly tracked and managed.

He said: “I think their report followed a report in the print media that suggested that 51 institutions were erring. One were the irregularities they seem to have identified with the institutions and their relationship with the students in terms of access to education and charges or otherwise.

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“We, as the NELFund, were caught up in that release by the ICPC, who indicated that they were of the opinion that funds had been diverted by the Nigerian Education Loan Fund.

“We immediately reacted to that report because we recognised the damage, even though we knew it was unbounded, we recognised the damage that it might do to public confidence in a scheme where there was already a great deal of scepticism.

“Our reaction led to the ICPC looking again at their statement, and within a matter of hours, they retracted the statement that suggested that the Nigerian Education Loan Fund might be diverting funds.

“They did not retract their assertion about the irregularities in the educational system and in the institutions, but they retracted wholehearted their allegation that funds have been diverted. I don’t think that has happened ever in Nigeria, where a security agency within hours reverses itself on a statement that was made. Nevertheless, a great deal of damage was done because, as you know, Honourable Members, once news is out there, you can retract all you like.

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“It takes on a life of its own, and a lot of confidence has been lost in our institution, and it is sad for the institution of NELFund and for the country of Nigeria. We have worked very hard to put out the narrative that actually the new statement by the ICPC vindicates NELFund and establishes the fact that no funds have been diverted”.

According to him, in line with the mandate of NELFund, the agency is to spend 90 percen of the funds that come to it exclusively on the loans to pay the fees of students.

“Those funds cannot be touched and cannot be used for anything else. Any form of diversion in that regard would be a breach of the law. So, just going straight through to the numbers, I can confirm that the Nigerian Education Loan Fund has done the following.

“NELFund has paid, as of today, 303 institutions, government-owned institutions, universities, polytechnics, colleges of education. 303. NELFund has paid out, has disbursed a total of approximately 54 billion Naira. 54 billion Naira has left the account of NELFund to go to pay for the loans that people have applied for.

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“That 54 billion Naira is split into two sections. 30 billion of those, of that Naira I just talked about, the 54 billion, 30 billion has been paid to the 303 institutions that I just mentioned. 24 billion has been paid as pocket money or stipend to 293,000 students who are Nigerians, studying at tertiary level in Nigerian government-owned institutions.

“Representing direct beneficiaries of NELFund at 293,000. So far, NELFund has received 203 billion Naira in the bank account that we hold at the Central Bank of Nigeria. I’ll just break that down because those funds came in in segments”, he explained .

Sawyerr said NELFund initially received an appropriation of N10 billion from the Office of the Accountant General as directed by the Minister for Finance.

“We then received 71 billion Naira from TETFund, approximately. This was as a result of an order by the President for TETFund to release 143 billion Naira to NELFund. They released 71 billion in the first instance, plus, and then another 71 billion, making 143 when we add the top onto it.

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“And then, finally, we received a further 50 billion Naira proceeds, recovered proceeds of crime, from the Economic and Financial Crimes Commission, again as directed as an intervention fund from His Excellency, the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu. So the total comes to 203 billion Naira received.

“I raise these, and I mention these figures because, clearly, there were errors in the, apart from the fact that the statement by the ICPC was unfounded and later confirmed by them that it was unfounded, there were also some inaccuracies in the announcement. The announcement suggested that we had received 100 billion Naira. That figure was wrong.

“The announcement suggested that 28 billion had been disbursed. That figure was wrong. It was understated. Both figures were understated. And it therefore concluded that, therefore, 71 billion Naira may have been diverted. So you can see that from even the figures they provided, which were inaccurate in the first instance, the wrong conclusions were drawn even about that.

“I have to say that we take with the utmost seriousness any issues of funds being diverted within and outside or related to in any way NELFund because we recognise that this project is a sacred project and it should not be tampered with because the people and the constituency that we are catering for really usually have nowhere else to turn to. They have no jobs. They have no opportunities and education represents probably the last bridge that they can climb to get an opportunity.

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“So we recognise that we can stunt the growth of not just Nigeria but of individuals within Nigeria if we don’t behave and act responsibly”, he added.

Earlier n his address, the Committee Chairman, Rep.Ifeoluwa Ehindero said that the National Education Loan Fund has implemented the administration of the student loan scheme.

The Chairman said: The committee has been inundated with several reports, making waves on the social media, including concerns about possible diversion of loan funds and issues that have to do with the disbursement and administration of the student loan by certain federal institutions.

“This has necessitated this meeting that we have called the agency, the National Education Loan Fund, to come and make clarifications and enlighten this committee on the issues that have been making rounds on social media.

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“So based on this, you have been invited to make clarifications and enlighten this committee on the issues that have been going on, on the disbursement and administration of the student loans being administered by your agency”.

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BREAKING: Senators turn to sprinters as fire engulfs section of Senate wing

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A fire erupted on Wednesday in the Senate wing of the National Assembly complex in Abuja, prompting immediate concern and response from lawmakers and staff on the premises.

In a Footage circulating on social media, including from Africa Independent Television (AIT), shows thick smoke billowing from a room as senators and other personnel gathered nearby.

The video also captures hazy conditions inside adjacent areas, including what appears to be a pantry or kitchen space with chairs stacked and smoke visible.

According to preliminary reports, the incident occurred in a section of the Senate wing. Senators were described as being actively involved in efforts to put out the fire. No immediate reports of casualties have emerged, and those present appear to have evacuated or moved to safer areas within the complex.

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FCT Projects Commissioning: Tinubu Urges Abuja Residents to pay Ground Rent, Other Taxes To Enjoy More Developmental Projects(Photos)

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President Bola Ahmed Tinubu has urged residents and business owners in the Federal Capital Territory (FCT) to fulfil their civic obligations by paying taxes, land charges and ground rents, saying such compliance would enable government to deliver more infrastructure projects across the territory.

Tinubu made the call on Wednesday during the commissioning of the full-scope development of Arterial Road N5 (Obafemi Awolowo Way), stretching from Life Camp Junction to Ring Road III in Dape District, Abuja.

Represented by Vice President Kashim Shettima, the President said infrastructure development must be driven by a partnership between government and citizens.

“To the residents and business owners enjoying this transformation, I urge you to meet your obligations. Pay your taxes. Clear your land fees and ground rents. Your compliance gives the FCT Administration the strength to build more roads like this one,” he said.

The President described the newly completed road as a critical economic corridor that would ease traffic congestion, improve connectivity and unlock investment opportunities within the nation’s capital.

Recalling the commissioning of the Gwarinpa I District section of the road in June 2025, Tinubu said his administration had fulfilled its promise to complete the remaining section.

“On that day, we made a pledge to you. We promised not to leave this vital artery half-done. Because the Renewed Hope Agenda is not about abandoned projects; it is about delivery from start to finish.

“And so today, we are back. We are back to close the circle. We are back to commission the Dape District Section of Arterial Road N5, from Life Camp Junction to Ring Road III,” he stated.

The President stressed that the project was conceived, funded and completed under his administration, noting that it was awarded to Julius Berger Plc with a strict 15-month completion timeline after it was flagged off in October 2024.

According to him, the era when major infrastructure projects lingered for years without completion is over.

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“We conceived it, we funded it, and we delivered it. In the past, projects like this became permanent budget lines ten, fifteen years of excuses. Not under this administration,” Tinubu declared.

He commended the Minister of the Federal Capital Territory, Barr. Nyesom Wike, describing him as the administration’s “Engine of Execution” and applauded Julius Berger for delivering quality work within schedule.

“Minister Wike, you and your team have shown what happens when political will meets accountability. We fund projects to see results, not to listen to grammar,” he added.

Tinubu noted that the completion of the N5 corridor would significantly reduce travel time for commuters and provide seamless connectivity among Dape, Karmo, Gwarinpa I, Kado, Idu and Mbora districts.

He further explained that the road would provide direct access to the Idu Industrial District, thereby lowering logistics costs, attracting investments and creating jobs.

“Beyond that, this road opens a direct gateway to the Idu Industrial District. That means lower logistics costs for businesses, new investment, and more jobs for our people,” he said.

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The President also called on traditional rulers, community leaders and residents to protect public infrastructure from vandalism and ensure proper maintenance of drainage systems and streetlights.

Earlier, FCT Minister Barr. Nyesom Wike said the commissioning marked the second day of a 31-day project inauguration programme organised to commemorate the third anniversary of the Tinubu administration.

According to him, the scale of infrastructure delivery in the FCT has increased steadily since the administration came into office.

“On June 24, 2024, when we had the first-year anniversary of Mr. President, we took nine days of commissioning of projects. In the second year anniversary, we took 19 days. To the glory of God, in this third year, we are touching 31 days of commissioning of projects,” Wike said.

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The minister credited Tinubu for providing the political support needed to transform the FCT, saying the Renewed Hope Agenda had translated into visible infrastructure development across Abuja and the satellite towns.

“For the first time, development has been taken to the satellite towns in the Federal Capital Territory. This is unprecedented. Before this period, satellite towns did not know what they call government. Today, they can feel the impact and presence of government,” he stated.

Wike praised Julius Berger for completing both sections of the project within record time, revealing that the Gwarinpa section was delivered within seven months.

He also defended the FCT Administration’s handling of compensation issues during the road construction, insisting that all affected property owners whose structures were demolished were duly compensated.

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“We paid. If you are saying that because you are from that place and development has passed and government did not dash you money, we don’t dash money when we are carrying out development,” he said.

The minister dismissed protests by some individuals at the event, insisting that infrastructure projects across the territory had demonstrated the administration’s commitment to governance and development.

Earlier in her remarks, Minister of State for the FCT, Dr. Mariya Mahmoud, described the project as another milestone under the Renewed Hope Agenda and a reflection of President Tinubu’s commitment to improving connectivity, stimulating economic growth and enhancing residents’ quality of life.

Mahmoud paid tribute to Wike for what she described as his purposeful leadership and unwavering commitment to transforming Abuja through the delivery of critical infrastructure.

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She also thanked traditional rulers, community leaders and residents of Life Camp, Dape District and neighbouring communities for their cooperation throughout the execution of the project.

The minister expressed confidence that the newly commissioned road would improve transportation, boost commercial activities and support sustainable urban development in the Federal Capital Territory.

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INSECURITY: Vice principal two others killed as bandits invade Kogi community, attempt to kidnap WAEC candidates

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Panic engulfed Iluke Bunu, a community in Kabba-Bunu Local Government Area of Kogi State, on Wednesday morning after suspected bandits launched a deadly attack that left three people dead, including a school vice principal.

The bandits, who reportedly invaded the community in large numbers, were said to have targeted students sitting for the ongoing West African Senior School Certificate Examination (WASSCE), sparking fears of a mass abduction.

According to local sources, the gunmen stormed the area in the early hours of June 10, unleashing gunfire that sent residents and students scrambling for safety. The incident disrupted normal activities in the community and created widespread panic among residents.

A community member who spoke about the attack described the situation as terrifying, revealing that the sound of sustained gunfire echoed across the area as people fled to avoid being caught in the violence.

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He said we woke up to heavy gunfire this morning. The bandits entered the community and there was confusion everywhere.

Residents were running in different directions for safety, while students writing their WAEC examinations became terrified,” the source said.

The source further revealed that the attackers appeared determined to abduct students and school personnel but were thwarted by the swift intervention of security operatives and local vigilantes.

According to him, soldiers stationed at a nearby military formation responded quickly after receiving distress calls and engaged the gunmen in a fierce exchange of gunfire.

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He explained that if not for the prompt response of the soldiers and local vigilante groups, many students could have been kidnapped.

The security forces confronted the attackers and eventually forced them to retreat.

During the attack, three people reportedly lost their lives. Among the victims was Mr. Gani Anifowose, Vice Principal of Government Secondary School, Aharha-Bunu. Two other individuals were also killed in the violence, although details about their identities were not immediately available.

Another resident expressed concern over the deteriorating security situation in the area, noting that many community members remain traumatised by the incident.

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According to him, our community is facing serious security challenges. The gunshots lasted for a long time, and people are still searching for some residents whose whereabouts remain unknown,” the resident said.

Sources within the community stated that troops from the Nigerian Army formation in Suku-Kiri Bunu led the response operation.

The soldiers reportedly engaged the attackers in a gun battle, preventing them from carrying out their mission.

During the confrontation, one of the suspected bandits was allegedly shot dead, while several others escaped into nearby forests and bushes.

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The attack has renewed concerns over insecurity in parts of Kogi State, particularly in rural communities where residents have repeatedly faced threats from armed criminal groups. It has also raised fresh questions about the safety of students and educational institutions amid ongoing national examinations.

Residents have called on the government and security agencies to strengthen security presence in vulnerable communities and take decisive action to prevent future attacks on schools and innocent civilians.

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