The Nigerian Education Loan Fund (NELFUND) has warned that tertiary institutions that fail to inform students of loan disbursements made on their behalf may be sued by the fund managers.
Akintunde Sawyerr, the managing director at NELFUND, made this known recently while addressing newsmen in Abuja.
According to Sawyerr, recent findings by NELFund show that some tertiary institutions, after receiving student loan disbursements directly into their accounts, have continued to demand payment of institutional fees from the same students.
“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,” he said.
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Besides, he disclosed that the concerned institutions have refused to reflect the loan payments in their internal records, creating confusion for students.
Consequently, Sawyerr warned that the NELFund will not tolerate any form of deception or non-disclosure from institutions, stressing that necessary action will be taken.
“We will not hesitate to take legal action against any institution found engaging in such deceptive practices,” he warned.
Sawyerr reiterated that NELFUND’s mandate is to relieve the financial burden on Nigerian students and their families in line with the vision of President Bola Tinubu’s Renewed Hope Agenda.
“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds,” he said.
He called on institutions to support the NELFund’s efforts and avoid actions that could undermine public trust or deny students their entitled support.
“We urge institutions to support this noble cause and avoid actions that could undermine public trust or deny students their rightful support,” he said.
He also assured the public of NELFUND’s commitment to transparency, accountability, and the successful implementation of the student loan scheme across the country.
Moreover, Sawyerr said to ensure that only eligible students continue to receive financial support, NELFUND plans to update its system and students’ database to identify dropouts who are still receiving stipends.
