NELFUND: How schools, banks are ripping off students

NELFUND: How schools, banks are ripping off students

The National Orientation Agency (NOA) said its recent investigations have revealed have uncovered several unethical practices by some institutions of higher learning in the disbursement of the Federal Government Student Loan Fund, NELFUND.

Paul Odenyi, Deputy Director, Communications and Media, NOA quoted the Director General of the Agency, Mallam Lanre Issa-Onilu as announcing the findings after meeting with NELFUND Managing Director, Mr. Akintunde Sawyerr, over the weekend.

According to the statement, the findings from investigations conducted by the Community Orientation and Mobilisation Officers (COMO) of NOA revealed that the tertiary institutions and banks are conspiring to short-change the students who are beneficiaries of NELFUND.

According to the statement, the reports indicated that certain university officials have been withholding vital information regarding loan disbursements, prompting immediate action from NELFUND.

“The NOA’s feedback shows how specific institutions have, in connivance with some banks, deliberately delayed payments to successful student applicants for personal financial benefit. Some universities fail to acknowledge the NELFUND’s disbursements to the students,” the statement by NOA indicated.

READ ALSO:

• U-20 AFCON: Nigeria drawn in Group B with Tunisia, Morocco, Kenya
• Kidnap kingpin arrested, many killed after shoot-out with police in Delta
• NIS expands contactless passport renewal to United States, others

The statement also quoted Sawyerr as confirming that some institutions are failing to inform students about loan disbursements made in their name while still requiring them to pay tuition fees.

He stated, “Recent findings by NELFUND have shown that some institutions have received student loan disbursements directly into their accounts yet neglect to inform the affected students or record the payments in their financial records, leading to unnecessary confusion.

“Withholding critical financial information from students is not only unethical but also a breach of the principles on which NELFUND was founded. We are prepared to take legal action against any institution engaged in such deceptive practices.”

In response, Mallam Issa-Onilu has issued a strong warning to these institutions and collaborating banks to cease such activities.

“NOA has directed its state directorates to provide further feedback from students across the country to ensure that the Federal Government takes appropriate actions against erring schools and banks,” Mallam Issa-Onilu was quoted as saying.

 

NELFUND: How schools, banks are ripping off students