Akintunde Sawyerr: No Evidence of NELFUND Financial Wrongdoing

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has vehemently denied allegations of financial mismanagement within the agency, asserting that there is no substantiating evidence for such claims. During an interview with ARISE NEWS on Monday, Mr. Sawyerr explained that NELFUND requires substantial capital to effectively provide loans to Nigerian students. He further contextualized the scheme's establishment, linking it directly to President Bola Ahmed Tinubu's policy of reallocating funds, previously earmarked for fuel subsidies, towards social welfare initiatives, of which NELFUND is a key component.

"There is no proof of any financial misappropriation by NELFUND," Sawyerr stated unequivocally. "The truth is, for individuals to access loans, there must be available capital for them to draw upon. The link here is that President Bola Ahmed Tinubu has eliminated the subsidy, and is now redirecting those funds, which typically benefited a very small percentage of the population, into welfare-oriented programmes, with NELFUND being one of them."

Sawyerr also strongly defended the integrity of NELFUND's financial disbursement procedures, challenging characterizations of the scheme as lacking transparency. He highlighted that all payments, whether to academic institutions or directly to students, are processed electronically and are fully traceable. As an illustration, he mentioned a recent transfer of over one billion naira (N1bn) to the University of Ibadan, with upkeep allowances being directly deposited into beneficiaries' personal bank accounts.

"To conclude that 57% of people found it lacking in the desired level of transparency, and then label that as opaque, I believe is somewhat extreme," Sawyerr remarked. He elaborated further, "Before NELFUND, students at the University of Ibadan likely experienced high dropout rates due to a lack of access to educational funding. Now, with President Tinubu's introduction of NELFUND, we recently disbursed, I believe, more than a billion naira to the University of Ibadan. These funds are transferred directly to the institution. So, where exactly is the opacity in that? We transfer funds straight to the institution and instruct them to grant students access to classes. Additionally, we have directly paid upkeep allowances to students."

The NELFUND MD reiterated that these financial transactions are fully verifiable through electronic records, tracing from the Central Bank of Nigeria (CBN) to either the institutions or directly to the students. "In both these scenarios, the money transfers are electronic and entirely traceable. Funds move from the Central Bank of Nigeria either to the institution, such as the University of Ibadan, or for upkeep, directly into the students' bank accounts. Therefore, I struggle to comprehend the alleged lack of transparency. It sounds somewhat like mischief to me. However, I would need to examine the research that led to these conclusions," he asserted.

**Impartial System for Beneficiary Selection**

Addressing concerns regarding the fairness and impartiality of selecting loan beneficiaries, Sawyerr emphasized that NELFUND's application process is fully automated and designed to be free from bias. "We receive applications electronically. The system does not differentiate based on gender, ethnicity, whether you are Igbo, Hausa, Yoruba, Fulani, Ibibio, or Ogoja," he explained. "Possessing a National Identification Number (NIN) works in your favour as it confirms your Nigerian citizenship. A Joint Admissions and Matriculation Board (JAMB) registration number signifies that you are adequately qualified for admission into a tertiary institution that we partner with."

He further clarified that eligibility hinges on meeting specific criteria, including valid admission details and a functional bank account. "If you have a matriculation or registration number, it confirms your admission. If you have a bank account – because we operate without cash, everything is processed through the system – it means you qualify and are admitted into a recognized institution," Sawyerr added. "From our standpoint, the selection process is completely agnostic regarding how individuals are chosen. The system simply does not care if you are friends with the Managing Director or related to an Executive Director; it is entirely impartial."

**Related Developments:**

In other news related to the Nigerian Education Loan Fund:

* The Vice-Chancellor of an Ekiti State university reportedly described NELFUND as "one of the greatest things" for Nigerian education.

* Reports indicate that NELFUND has yet to commence loan recoveries, with its monthly upkeep expenditure reaching an estimated ₦16 billion.

* Students of the Federal University of Agriculture, Abeokuta (FUNAAB), have reportedly sought clarity regarding abducted corps members.