The Federal Government has expressed strong disapproval over what it describes as unethical and potentially fraudulent collaboration between some Nigerian universities and banks in the handling of student loan disbursements.
Lanre Issa-Onilu, Director-General of the National Orientation Agency (NOA), made this known after a high-level meeting with Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFund), in response to growing public concerns over delays in accessing the much-needed funds.
According to Issa-Onilu, preliminary investigations indicate that some institutions of higher learning, in conjunction with certain financial institutions, have deliberately obstructed the disbursement process. “These actors appear to be withholding vital financial information from students and manipulating the release of approved loan funds, likely for self-serving purposes,” he said.
Issa-Onilu further condemned the refusal of some universities to acknowledge the release of funds by NELFund, a move that has hindered transparency and caused distress among student beneficiaries.
Confirming the development, Sawyerr said that NELFund had uncovered several instances where institutions received loan payments directly but failed to communicate this to the intended recipients. “This breach of trust has not only created confusion but undermines the very foundation of this government-backed intervention,” he stated.
The FG has since warned the implicated institutions and banks, vowing to hold any party accountable if found complicit. Legal action, officials say, is on the table.
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