The Managing Director and Chief Executive Officer of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr, has debunked recent claims of misappropriation of funds under the scheme, stating emphatically that no money is missing.

Sawyerr made the clarification on Sunday while appearing on Channels Television’s Sunday Politics, in response to a recent report alleging that some schools were diverting funds meant for the loan scheme — a development that prompted the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch an investigation.

“We are all looking for this so-called money. First of all, let me be very clear. No money has been stolen,” Sawyerr stated. “The President, in his wisdom and well-intentioned programme, decided that he was going to set up the Nigeria Education Loan Fund.”

He dismissed the reported figure of N71 billion as false, insisting that the funds allocated are intact. “No N71bn is missing,” he said. “The funds that we’ve been given are to bridge the gap for those who don’t have the money to be able to attain the education. No money is missing. No money has been stolen.”

The NELFUND CEO acknowledged that some administrative issues have arisen during the implementation phase but assured the public that a thorough investigation is ongoing. “There’d be some issues with what happens at this phase, where human intervention comes in,” he said.

Addressing concerns raised by parents and students over delays in payment and complaints of funds not reaching intended beneficiaries, Sawyerr clarified the disbursement process. He said the fund does not pay students directly but transfers money to institutions to cover tuition and related charges.

“Let me correct a misconception there. There is no disbursement from the NELFUND account through the schools to the students. The NELFUND money goes to the schools for their tuition or institutional charges,” he explained. “The schools are supposed to give unfettered access to the students for classes.”

He added that the only exception arises when a student has already paid their fees independently, in which case a double payment issue might occur.

According to him, NELFUND is working closely with relevant authorities to ensure accountability and transparency, and to address any gaps or abuses in the implementation process.