NELFUND's Sawyerr Denies Financial Misappropriation Claims

Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFUND), has dismissed allegations of financial misappropriation within the agency, stating there is no evidence to support such claims. In an interview with ARISE NEWS on Monday, Sawyerr explained that NELFUND requires capital to provide loans to students, linking its establishment to President Bola Ahmed Tinubu's decision to redirect funds towards welfare programs.

He defended the transparency of NELFUND’s financial disbursement process, noting that payments are made electronically and can be traced. Recently, NELFUND transferred over N1 billion to the University of Ibadan, with funds sent directly to institutions and students' bank accounts.

Sawyerr stated that the application process for loans is entirely electronic and impartial, ensuring fairness in beneficiary selection. He expressed confusion over criticisms of transparency, suggesting they may stem from mischief, and emphasized the traceability of funds from the Central Bank of Nigeria to beneficiaries.