National Economy
Tuesday, September 9, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home News

NELFUND Under Fire For Disbursing Loans To Ex-Students

by Nafisat Abdulrahman
4 months ago
in News
Reading Time: 2 mins read
NELFUND Under Fire For Disbursing Loans To Ex-Students,NELFUND
Share on FacebookShare on TwitterShare on Telegram

The Nigeria Education Loan Fund (NELFUND) has faced mounting criticism after several graduates revealed that they received student loans and upkeep stipends months after completing their studies.

According to Daily Punch, some affected individuals shared how they applied for the student loan scheme before graduation but experienced prolonged delays in disbursement. To their surprise, the loans were eventually paid long after they had independently settled their tuition and left their respective institutions.

“I registered for NELFUND when I desperately needed funds to pay my second-semester final year fees. But the approval didn’t come in time, so I sourced the money myself and paid the school. I eventually graduated, only to later discover via my student portal that NELFUND had paid my fees in full,” said one graduate. “I contacted them and was told to request a refund from the school. But how do I request a refund for a fee I’ve already paid and when I’m no longer a student?”

He added, “I also keep receiving upkeep money despite informing them I’ve graduated. When repayment begins, I’ll return the upkeep funds. But I will not repay the institutional fee, they paid it after I had already graduated and settled my dues.”

You May Like

Dr. Kayode Ajulo Dismisses Allegations Of Contract Racketeering In Ondo

FCT Minister Launches 50% Fertiliser Subsidy To Empower Farmers In Abuja

Another graduate from the University of Benin (UNIBEN) voiced a similar experience. “I applied for the loan in my final days as a 400-level student. I waited for months but had to pay the fees myself before my final exams. Last month, I suddenly got a N20,000 upkeep payment and discovered my loan had just been approved—months after graduation. NELFUND is handling this poorly. Why are you disbursing loans to graduates? This shows serious inefficiency in the system.”

Parents have also raised the alarm. Mr Ibrahim, father of a recent graduate, said his son continued to receive upkeep payments despite completing his studies two months ago. “He was shocked when he got the alert. We don’t know how to stop it. We need help,” he lamented.

The loan scheme, introduced to ease the financial burden on students, is now under scrutiny amid allegations of mismanagement and corruption. According to preliminary findings by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), while NELFUND disbursed N100 billion in loans, only N28.8 billion reached the intended student beneficiaries leaving a staggering N71.2 billion unaccounted for.

The National Orientation Agency (NOA) also raised red flags, alleging that certain institutions and banks conspired to delay payments, creating opportunities for illegal deductions and profiteering. Media reports indicate that deductions ranging from N3,500 to N30,000 were made from student fees under the guise of administrative charges.

In a statement released last Thursday, ICPC spokesperson, Demola Bakare, confirmed that a Special Task Force has begun a full investigation into the alleged irregularities. “The Commission is committed to ensuring transparency and accountability in the disbursement of public funds,” Bakare said.

The National Association of Nigerian Students (NANS) has expressed outrage over the situation and promised to launch nationwide protests. “This is a major discrepancy in the handling of student loan funds. The students deserve better,” a statement from the group read.

The Academic Staff Union of Universities (ASUU) has also weighed in, with its National President, Professor Emmanuel Osodeke, stating, “We are awaiting the result of the investigation, and we hope all those involved will be brought to book.”

Efforts to reach the Director of Corporate Communications at NELFUND, Mr. Oseyemi Oluwatuyi, were unsuccessful, as he did not respond to inquiries at the time of filing this report.

Tags: NELFUND Under Fire For Disbursing Loans To Ex-Students
ShareTweetShare
Previous Post

UK Opens Visa Application Centres In Enugu, Port Harcourt

Next Post

NSCDC Boss Warns Personnel Against Employment Scam

ANOTHER GOOD READ

Dr. Kayode Ajulo Dismisses Allegations Of Contract Racketeering In Ondo
Judiciary

Dr. Kayode Ajulo Dismisses Allegations Of Contract Racketeering In Ondo

1 day ago
FCT Minister Launches 50% Fertiliser Subsidy To Empower Farmers In Abuja
News

FCT Minister Launches 50% Fertiliser Subsidy To Empower Farmers In Abuja

1 day ago
Airtel Africa Foundation Awards Tech Scholarships To 2 Nigerian Students
News

Airtel Africa Foundation Awards Tech Scholarships To 2 Nigerian Students

1 day ago
Odogwu Bitters Attributes Feat To Quality, Customer Retainership
News

Odogwu Bitters Attributes Feat To Quality, Customer Retainership

1 day ago
FG Leverages Methanol To Support Plastic, Pharmaceutical Industry’s Growth
News

FG Leverages Methanol To Support Plastic, Pharmaceutical Industry’s Growth

1 day ago
FG Explores Fiscal Policy Options To Boost Health Financing
News

FG Explores Fiscal Policy Options To Boost Health Financing

1 day ago
Next Post
Insecurity: Kwara NSCDC Creates 18 New Area Commands, Divisions

NSCDC Boss Warns Personnel Against Employment Scam

Most Recent

Nigerian Firms Disburse N927.6bn Dividends In H1 2025

NGX Opens Week On Bullish Note, Gains N263bn

September 9, 2025
Cardoso Reaffirms Commitment To Banking Sector Recapitalisation

Cardoso Reaffirms Commitment To Banking Sector Recapitalisation

September 8, 2025
Federal Gov’t Destroys 250 Containers Of Fake, Expired Drugs Nationwide

Customs Board Sets $300 Duty-Free Limit for Import

September 8, 2025
Dr. Kayode Ajulo Dismisses Allegations Of Contract Racketeering In Ondo

Dr. Kayode Ajulo Dismisses Allegations Of Contract Racketeering In Ondo

September 8, 2025
Fintech Firms Know When To Call Banks, Do You?

Fintech Firms Know When To Call Banks, Do You?

September 8, 2025
SWAN Confers Award Of Excellence In Sports On Delta Speaker

SWAN Confers Award Of Excellence In Sports On Delta Speaker

September 8, 2025
NFF, Vivacity Group Partner On Innovation, Entrepreneurship, Youth Employment

NFF, Vivacity Group Partner On Innovation, Entrepreneurship, Youth Employment

September 8, 2025
Zenith Bank/Delta Principals Cup: Organisers Confirm September 18 Kick-Off

Zenith Bank/Delta Principals Cup: Organisers Confirm September 18 Kick-Off

September 8, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy