NELFUND Debunks Alleged Diversion Of N54bn Pupil Mortgage Funds

The Nigerian Schooling Mortgage Fund (NELFUND) has debunked stories of alleged diversion of the scheme’s funds amounting to N54billion.

The Managing Director of NELFUND, Akintunde Sawyerr, acknowledged this when he appeared earlier than the Home of Representatives Committee oversighting the company, to clear its identify of the alleged irregularities within the administration and disbursement of scholar loans to beneficiaries.

The committee’s chairman, Hon. Ifeoluwa Ehindaro, had mentioned the legislative listening to grew to become needed, following the quantity of stories and allegations, notably these suggesting potential mismanagement or diversion of scholar mortgage funds by sure federal establishments and NELFUND itself.

However, talking earlier than the assembly went into closed-door session, the NELFUND boss mentioned; “the ICPC initially issued a press release implying that funds might have been diverted by NELFUND.

“We responded instantly, and inside hours, the ICPC retracted that portion of their assertion, clearing NELFUND of any wrongdoing. Nevertheless, the injury to public confidence was already vital.”

He acknowledged that though the ICPC maintained issues about institutional irregularities in greater establishments, their earlier declare of fund diversion by NELFUND was wholly unfounded and formally withdrawn.

Sawyerr defined that NELFUND had disbursed a complete of N54 billion since its inception—N30 billion to 303 federal tertiary establishments for tuition funds, and N24 billion as stipends or maintenance for about 293,000 Nigerian college students in public universities, polytechnics, and schools of training.

He additional clarified that the entire quantity acquired by NELFUND was N203 billion, sourced from “N10 billion appropriated by the Workplace of the Accountant Normal; N143 billion launched by the Tertiary Schooling Belief Fund (TETFund) following a presidential directive; N50 billion from recovered proceeds of crimes supplied by the {Economic} and {Financial} Crimes Fee (EFCC).”

The Managing Director additionally identified inaccuracies within the ICPC’s earlier announcement, which had erroneously claimed that NELFUND acquired solely N100 billion and disbursed N28 billion.

“These figures had been understated and led to a unsuitable conclusion that N71 billion might have been diverted,” he mentioned, including that, “this initiative is vital to the way forward for Nigeria’s youth, and any diversion can be a direct betrayal of their hopes. We deal with this venture as sacred.”