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NELFUND denies diversion of N256,142,500 loan disbursed to UNIABUJA.
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No verified evidence of misappropriation of student loan funds.
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University insists disbursement is strictly application-based and transparent
The Nigerian Education Loan Fund (NELFUND) has dismissed allegations that student loan funds were diverted at the University of Abuja (UNIABUJA).
In a statement issued by its Director of Strategic Communications, Oseyemi Oluwatuyi, the Fund said there is no verified evidence indicating that the university misappropriated or unlawfully withheld its disbursements.
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NELFUND explained that it operates a structured disbursement and reconciliation framework in line with its statutory mandate, ensuring funds are released through established institutional channels with compliance mechanisms for accountability and transparency.
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The clarification follows a report by Peoples Gazette, which alleged that UNIABUJA officials diverted N256,142,500 disbursed on January 29, 2026, for 2,245 approved beneficiaries under the 2025/2026 academic session. The report also claimed the funds were placed in interest-yielding accounts, leaving some students shortchanged.
However, the university denied the claims, describing them as false and misleading.
Management confirmed receipt of the funds but maintained that loan disbursement is processed strictly upon student application. It added that some students had earlier paid their fees before the funds were received to avoid losing the academic session.
NELFUND reaffirmed its commitment to protecting eligible Nigerian students and upholding transparency, accountability, and the integrity of the student loan programme.