Nigerian Education Loan Fund Denies University of Abuja Fund Diversion

The Nigeria — Nigerian Education Loan Fund (NELFUND) has denied recent media reports alleging the diversion of student loan funds at the University of Abuja. According to statements issued by Oseyemi Oluwatuyi, Director of Strategic Communications at Nigeria — Nigerian Education Loan Fund, there is no verified evidence to support claims that the University of Abuja misappropriated or unlawfully withheld NELFUND disbursements. The allegations suggested that funds meant for 2,245 approved beneficiaries were lodged in interest-bearing accounts instead of being fully credited to student accounts. Nigeria — Nigerian Education Loan Fund emphasized its structured disbursement and reconciliation framework, ensuring accountability and transparency. The Fund also clarified that allegations in the media do not constitute established findings and that it relies on verified documentation and audit mechanisms. This event follows previous investigations by the Nigeria — Independent Corrupt Practices Commission into older student loan programs in Nigeria, where significant funds were reportedly unaccounted for. As of February 1, 2026, Nigeria — Nigerian Education Loan Fund has disbursed N183.89 billion under the current scheme.