By Christiana Ekpa
The Nigeria Education Loan Fund (NELFund) on Wednesday stated that, contrary to allegations of diversion of funds meant for the students loan scheme, its records have shown a transparent process in the disbursement of N54 billion out of the N203 billion it has so far received for disbursement to beneficiaries.
The Managing Director (MD) NELFund, Akintunde Sawyerr stated this while addressing members of House of Representatives Committee on Students Loans on Wednesday.
He recalled that, the ICPC released a statement last Friday, indicating that they had been looking into some matters and had come to the conclusion that a number of irregularities were taking place.
He said, “I think their report followed a report in the print media that suggested that 51 institutions were erring. One were the irregularities they seem to have identified with the institutions and their relationship with the students in terms of access to education and charges or otherwise.
“We, as the NELFund, were caught up in that release by the ICPC, who indicated that they were of the opinion that funds had been diverted by the Nigerian Education Loan Fund.
“We immediately reacted to that report because we recognised the damage, even though we knew it was unbounded, we recognised the damage that it might do to public confidence in a scheme where there was already a great deal of scepticism.
“Our reaction led to the ICPC looking again at their statement, and within a matter of hours, they retracted the statement that suggested that the Nigerian Education Loan Fund might be diverting funds.
“They did not retract their assertion about the irregularities in the educational system and in the institutions, but they retracted wholehearted their allegation that funds have been diverted. I don’t think that has happened ever in Nigeria, where a security agency within hours reverses itself on a statement that was made. Nevertheless, a great deal of damage was done because, as you know, Honourable Members, once news is out there, you can retract all you like.
“It takes on a life of its own, and a lot of confidence has been lost in our institution, and it is sad for the institution of NELFund and for the country of Nigeria. We have worked very hard to put out the narrative that actually the new statement by the ICPC vindicates NELFund and establishes the fact that no funds have been diverted”.
He informed that, in line with its mandate, NELFund is to spend 90% of the funds that come to it exclusively on the loans to pay the fees of students.
He added, “Those funds cannot be touched and cannot be used for anything else. Any form of diversion in that regard would be a breach of the law. So, just going straight through to the numbers, I can confirm that the Nigerian Education Loan Fund has done the following. “
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