The Nigerian Education Loan Fund (NELFUND) has announced plans to take legal action against tertiary institutions found withholding student loan disbursement information while still demanding fees from beneficiaries.
This decision follows disturbing discoveries that some schools received loan payments directly into their accounts but failed to notify affected students or update their fee records. Shockingly, these institutions continued to demand payment from students whose fees had already been covered by the loan scheme.
NELFUND Managing Director Akintunde Sawyerr, in an official statement, condemned the practice as both unethical and illegal. He said withholding financial information from students constitutes a fundamental violation of our operating principles. He warned that implicated institutions would face the full wrath of the law.
“We will not hesitate to take legal action against any institution found engaging in such deceptive practices”, he warned.
“Recent findings by NELFUND have revealed that some institutions, after receiving student loan disbursements directly into their accounts, have neglected to notify the affected students or reflect the payments in their school fee records, creating unnecessary confusion.
“This act of withholding critical financial information from students is not only unethical but a direct violation of the principles upon which NELFUND was established.
“We will not hesitate to take legal action against any institution found engaging in such deceptive practices,” he reiterated.
The MD emphasised that NELFUND’s mission is to expand access to higher education by relieving the financial burden on Nigerian students and their families, in line with the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Mr Sawyerr further called on all institutions to uphold transparency and work collaboratively with the Fund in ensuring the efficient delivery of this national mandate.
“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds. We urge institutions to support this noble cause and avoid any actions that could undermine public trust or deny students their rightful support,” he said.
“The Fund reassures students and the public of its commitment to accountability, fairness, and the successful implementation of the student loan scheme across the country,” he added.
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