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Ukorebi Esien | 13 April 2025
ABUJA — The National Orientation Agency (NOA) has raised alarm over alleged fraudulent practices by some tertiary institutions and banks in the disbursement of the Federal Government's student loan scheme, designed to ease the financial burden on Nigerian students.
According to findings by the Community Orientation and Mobilisation Officers (COMO) of the NOA, several higher institutions are colluding with banks to exploit students by withholding or misappropriating loan disbursements from the Nigeria Education Loan Fund (NELFUND).
The Director General of NOA, Mallam Lanre Issa-Onilu, disclosed this following a high-level meeting with NELFUND Managing Director, Mr. Akintunde Sawyerr, over the weekend. He revealed that disturbing reports have emerged from various campuses indicating deliberate delays and non-disclosure of loan payments to students, even after funds have been released.
"Some institutions have gone as far as receiving loan disbursements into their accounts without notifying the affected students or updating their payment records," Mr. Sawyerr explained. "This not only results in confusion and financial strain on students but also undermines the integrity of the student loan program. NELFUND will not hesitate to initiate legal proceedings against any institution found culpable."
Mallam Issa-Onilu added that the NOA is intensifying its monitoring efforts nationwide. "We've directed our state offices to collect and verify student complaints related to loan disbursement. These reports will be used to advise the Federal Government on necessary sanctions against offending institutions and banks."
The student loan scheme is a flagship initiative of President Bola Ahmed Tinubu's administration aimed at improving access to tertiary education by providing interest-free loans to eligible students. Any attempt to derail its implementation through fraud or negligence is considered a serious betrayal of public trust.
The NOA and NELFUND reaffirm their commitment to ensuring transparency, accountability, and timely access to educational support for all qualified Nigerian students.
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