This development follows growing public concern over alleged financial irregularities within the student loan system. Allegations first surfaced when the National Orientation Agency accused some tertiary institutions, in collaboration with commercial banks, of fraudulent deductions from student loan payouts. The controversy deepened after the Independent Corrupt Practices and Other Related Offences Commission (ICPC) disclosed that, out of the N100 billion reportedly released by NELFUND, only N71 billion could be accounted for in its preliminary investigation.
The tension reached a tipping point on Monday when members of the National Association of Nigerian Students staged a protest, blocking the Lagos-Ibadan Expressway to demand accountability and transparency from authorities involved.
In a statement released on Wednesday and co-signed by NAPS President Eshiofune Oghayan and Senate President Oyewumi Ayomide, the association warned that failure by NELFUND to provide a comprehensive breakdown of fund allocation would lead to further action. These include mobilizing protests involving 0.9% of Nigeria’s 28.1 million student population, filing petitions with the Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC), and pursuing all lawful democratic avenues to seek justice.
“We issue a five-day ultimatum to the NELFUND board to publicly provide a detailed breakdown of how funds were disbursed, including specific figures showing how polytechnic students benefited,” the statement read.
In response to the controversy, NELFUND Managing Director Akintunde Sawyerr appeared on Channels TV’s Politics Today on Sunday to deny any misappropriation of funds. “We are all looking for this so-called money. No money has been stolen,” he said. Sawyerr emphasized that the student loan fund was established to help bridge the financial gap for students seeking higher education, and acknowledged that early-phase implementation may have encountered issues due to human intervention, but denied any theft or fraud.
As scrutiny mounts and public trust in the loan scheme wavers, stakeholders await NELFUND’s response within the timeframe set by NAPS, a move that could determine the next phase of student-led actions across the country.