No missing naira in NELFUND, every payment traceable, says Sawyerr

The Nigerian Education Loan Fund has not lost or misapplied any funds, and every disbursement leaves an electronic trail, according to its Managing Director, Mr. Akintunde Sawyerr. He spoke on Monday during an interview on ARISE NEWS, responding to concerns about transparency and accountability in the student loan scheme.

Sawyerr said there was “no evidence of any financial misappropriation by NELFUND,” explaining that government funding provides the capital students draw on for loans. He linked the funding to the redirection of resources towards welfare programmes after the removal of fuel subsidy.

University of Ibadan example

Sawyerr cited the recent disbursement of more than N1 billion to the University of Ibadan as proof of transparency. He said institutional fees are transferred directly to beneficiary institutions, while students’ upkeep allowances are paid directly into their personal bank accounts.

“The University of Ibadan students, before NELFUND, probably had a very high dropout rate because they just didn’t have access to capital to go to school. Now, the President introduced NELFUND; we paid, I believe, over a billion naira to the University of Ibadan recently. And those funds are transferred directly to the institution. So, where is the opacity in that?” he asked.

He added: “The transfers of money are done electronically. It’s entirely traceable. The money leaves the Central Bank of Nigeria and goes either to the institution, the University of Ibadan, or in the case of upkeep, goes directly to the students in their bank accounts.”

Claims of opacity misleading

Sawyerr described allegations that NELFUND’s financial operations were opaque as potentially misleading. He said he would examine the research or evidence behind such claims.

“It sounds a little bit like mischief to me. But again, I’d need to interrogate this research that was done,” he said.

The NELFUND boss also defended the integrity of the agency’s student selection process. He said the electronic application system was designed to eliminate favouritism, ethnic considerations and personal connections. Applicants are assessed against eligibility requirements including a National Identification Number (NIN), Joint Admissions and Matriculation Board (JAMB) registration details, admission and matriculation or registration numbers, and a bank account.

“We receive applications electronically. The system doesn’t recognise whether you’re male, female, whether you’re Igbo, Hausa, Yoruba, Fulani, Ibibio, or Ogoja,” he said.

Sawyerr stressed that applicants do not need to know NELFUND officials before accessing the scheme. “From our perspective, it’s completely agnostic as far as how people are chosen or concerned. It doesn’t care whether you’re friends with the Managing Director or in-laws with the Executive Director. It doesn’t care,” he said.

For students and the education sector, the assurance of full traceability is meant to strengthen confidence in the loan scheme. Since NELFUND relies on public funds redirected from fuel subsidy removal, any lingering perception of opacity could affect uptake and the credibility of the programme.