NELFUND: Universities, Banks Accused of Swindling Students with Loan Funds
In a shocking revelation, some Nigerian tertiary institutions and banks have been implicated in a scheme to defraud students by mismanaging Federal Government Student Loan Funds.
A recent report by the National Orientation Agency’s (NOA) Community Orientation and Mobilisation Officers (COMO) has exposed unethical practices, including delayed payments and withheld information, designed to financially exploit students.
Mallam Lanre Issa-Onilu, the Director General of the NOA, announced the findings after meeting with NELFUND Managing Director, Mr. Akintunde Sawyerr, over the weekend.
Initial reports indicated that certain university officials have been withholding vital information regarding loan disbursements, prompting immediate action from NELFUND.
A statement signed by Paul Odeniyi, the Deputy Director, Communications and Media of the agency, said Sawyerr condemned the practices, stating, “Withholding critical financial information from students is unethical and violates NELFUND’s principles. We are ready to pursue legal action against any institution involved.”
The NOA has also issued a stern warning to the implicated schools and banks, urging them to halt these deceptive tactics immediately.
To address the issue, NOA has instructed its state directorates to gather further feedback from students nationwide, ensuring that the Federal Government can take decisive action against those responsible.
The findings have sparked outrage, raising concerns about transparency and accountability in the administration of student loans. Read More
