Straight Talkin' on NELFUND Money Woes: A Chaotic Cash Cow?
Fund administers claims regarding the unaccounted ₦71 billion funds
Here's the lowdown on the Nigeria Education Loan Fund (NELFUND) controversy stirring up quite the buzz. NELFUND boss, Akintunde Sawyerr, has clapped back at baseless claims suggesting that ₦71 billion has gone MIA from the student loan programme.
Speaking on Channels Television's olelo drama known as Sunday Politics, Sawyerr vouched for the fund's transparency, categorically denying any stolen or misappropriated funds. His words? "We're all searching for this supposed cash-cow, let me be clear — no cash has been snatched!"
The backlash comes after media reports hinted at educational institutions potentially diverting loans meant for students. And guess who jumped into the fray? The Independent Corrupt Practices and Other Related Offences Commission (ICPC), unsheathing their investigative swords to delve deeper.
Despite the swirling drama, Sawyerr reiterated that the loan programme remains an upstanding citizen in the financial world. "No ₦71bn mysteriously vanished," he insisted.
Now, let's bust some common misconceptions about the loan disbursement process. In response to public doubts surrounding delays and sporadic non-payments to students, Sawyerr clarified the payment process:
Instead, funds are disbursed directly to educational institutions to handle tuition fees and other institutional charges, like a middleman's job.
"But here's the catch," Sawyerr added, "If students have already paid their fees and seek a return—get ready for your refund!"
Now, let's discuss the elephant in the room. Human error lurking behind some discrepancies, Sawyerr admitted. Yet, he guarantees that a thorough investigation is currently underway to identify and eradicate any lapses.
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Note: While the ICPC initially claimed no discrepancies, the ongoing investigation aims to uncover potential misappropriation of funds as NELFUND has disbursed around ₦44 billion, with the source of any discrepancies still a mystery.
[1] ICPC Opens Investigation into NELFUND[2] 71 Billion Missing from NELFUND – ICPC opens probe[3] ICPC to probe NELFUND over alleged misappropriation of funds
- The Nigeria Education Loan Fund (NELFUND) has been under investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) due to concerns about potential misappropriation of funds.
- NELFUND boss, Akintunde Sawyerr, has maintained the fund's transparency, denying any stolen or misappropriated funds and asserting that no ₦71bn mysteriously vanished.
- The ICPC later admitted that the initial claims of missing NELFUND money was due to human error, not fraudulent activities.
- The investigation into NELFUND's financial activities is ongoing as it has disbursed around ₦44 billion, with the source of any discrepancies still a mystery.
