NELFUND Boss Denies Financial Misappropriation Claims

Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFUND), asserted during an interview with ARISE NEWS that there is no evidence to support claims of financial misappropriation within the agency. He explained that NELFUND requires capital to provide loans to students and linked its establishment to the Federal Government's decision to redirect funds toward welfare programs.

Sawyerr defended the transparency of NELFUND’s financial disbursement process, stating that payments to institutions and students are made electronically. He noted that NELFUND recently transferred over ₦1 billion to the University of Ibadan, emphasizing that these funds are traceable from the Central Bank of Nigeria to the institutions or directly to students.

He addressed concerns regarding the fairness of beneficiary selection, stating that NELFUND’s application process is entirely electronic and impartial, based on admission details and bank account information.