The Nigerian Training Mortgage Fund (NELFUND) has denied stories of unaccounted funds discrepancy beneath the present NELFUND pupil mortgage scheme.
The rebuttal on Thursday comes hours after the Unbiased Corrupt Practices and Different Associated Offences Fee (ICPC) commenced a complete probe into alleged discrepancies surrounding the disbursement of pupil loans beneath the NELFUND, amid issues over an unaccounted sum of N71.2 billion.
In a press release signed by Mrs. Oseyemi Oluwatuyi, Director, Strategic Communications, NELFUND, the fund claims stories of alleged misappropriation and mismanagement of funds are completely false and deeply damaging to the integrity of an establishment established to ship monetary hope to thousands and thousands of Nigerians.
NELFUND’s place on the alleged Discrepancy
- NELFUND maintains that “No funds have been mismanaged, stolen, or are unaccounted for beneath the present NELFUND pupil mortgage scheme.”
- It defined that the scheme formally launched its pupil mortgage software portal in 2024, including that as of at the moment, all institutional charges are paid on to verified establishments, whereas maintenance allowances are disbursed to the verified bank accounts of eligible pupil candidates.
“The figures and funding quantities presently being misrepresented within the public are drawn from completely totally different edUcation financing interventions predating NELFUND’s operational graduation.
“They bear no relevance to the present pupil mortgage scheme and shouldn’t be falsely attributed to this establishment, ” the official added.
The official additional highlighted that NELFUND operates a zero human interface, totally automated mortgage system that eliminates alternatives for monetary misconduct.
“Each software and disbursement is digitally tracked, time stamped, and verifiable, ” the official added.
Based on the assertion, NELFUND’s dedication to transparency and cooperation with oversight businesses, together with the ICPC, is whole and unwavering.
“We have now complied totally with each request for data and can proceed to uphold the very best requirements of public accountability, ” it added.
- NELFUND stated it stays centered, undeterred, and dedicated to the clear supply of this nationwide mandate, including that the way forward for Nigeria’s youth is just too vital to be hijacked by misinformation.
Backstory
The ICPC earlier disclosed in a press release on Thursday, stating that the Chief Govt Officer of NELFUND, Akintunde Sawyerr, officers of the Central Bank of Nigeria, and others have been invited to current their aspect of the story concerning the alleged discrepancy related to the coed loans.
- This motion follows a current media report alleging that no fewer than 51 tertiary establishments had been implicated in unlawful deductions and exploitation associated to the NELFUND scheme.
- These establishments had been accused of creating unauthorized deductions starting from N3,500 to N30,000 from every pupil’s institutional charges paid by way of the mortgage fund.
- Preliminary findings by the ICPC revealed vital gaps within the monetary information of the disbursement course of.
- The Fee emphasised that whereas the Federal Authorities reportedly launched N100 billion for the scheme, solely N28.8 billion was disbursed to college students, leaving an unaccounted steadiness of N71.2 billion.
The ICPC maintained that the scenario clearly displays discrepancies within the administration of the coed mortgage scheme.
It additional introduced that the investigation will now lengthen to beneficiary establishments and particular person pupil recipients.
The Fee assured that additional updates will likely be offered because the investigation progresses.
What You Ought to Know
NELFUND was signed into legislation beneath the present administration of President Bola Tinubu on April 3, 2024, marking a historic step towards guaranteeing sustainable increased schooling and practical ability improvement for Nigerian college students and younger individuals.
- The first goal of NELFUND is to offer monetary assist to certified Nigerians for tuition, charges, and dwelling bills at authorised tertiary and vocational establishments inside Nigeria.
- The fund is ruled by a board of administrators comprising representatives from related ministries, regulatory our bodies, and taking part businesses—together with the Federal Ministries of Finance and Training—whereas the administration workforce is led by Managing Director Akintunde Sawyerr, who oversees every day operations.
As of February 3, 2025, NELFUND introduced it had disbursed a complete of N20,074,050,000 in institutional charges, benefiting no fewer than 192,906 college students throughout varied tertiary establishments within the nation.
The Fund additionally dismissed stories alleging that over N104 billion had been disbursed beneath the Pupil Mortgage Scheme on the time.
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