Some graduates from public tertiary institutions have raised concerns over the delayed disbursement of student loans, revealing that funds were sent to their schools months after they had already graduated.
They also continue to receive N20,000 monthly upkeep stipends despite no longer being students.
In separate interviews, the affected individuals explained that while they had applied for the Nigeria Education Loan Fund before graduating, disbursements were delayed, forcing them to seek alternative means to pay their fees.
To their surprise, the loans were eventually paid to their institutions long after they had settled the fees themselves and left school.
The student loan scheme has recently come under scrutiny after the National Orientation Agency alleged that some institutions were profiting illegally by making fraudulent deductions from the loans disbursed.
In addition, the Independent Corrupt Practices and Other Related Offences Commission has launched a comprehensive investigation into alleged irregularities in the loan process.
According to preliminary findings by the ICPC, while NELFUND released N100bn loan, only N28.8bn actually got to applicants—leaving a staggering N71.2bn unaccounted for.
The development has drawn the ire of the National Association of Nigerian Students, which has vowed to protest what it described as a major discrepancy in the handling of the loan funds.
The NOA also alleged that certain institutions, in collusion with some banks, deliberately delayed payments to qualified students in order to exploit the situation financially.
This followed media reports that some institutions made unauthorised deductions ranging from N3,500 to N30,000 from tuition fees paid through the loan scheme.
In a statement issued last Thursday, ICPC spokesperson, Demola Bakare, confirmed that the commission’s Special Task Force had commenced investigations immediately upon receiving the allegations.
One graduate, speaking to the Newsmen, said, “I registered for NELFUND when I desperately needed funds to pay my second-semester final year fees. But the approval didn’t come in time, so I sourced the money myself and paid the school. I eventually graduated, only to later discover via my student portal that NELFUND had paid my fees in full.”
“I contacted them and was told to request a refund from the school. But how do I request a refund for a fee I’ve already paid and when I’m no longer a student? I also keep receiving upkeep money despite informing them I’ve graduated. When repayment begins, I’ll return the upkeep funds. But I will not repay the institutional fee—they paid it after I had already graduated and settled my dues.”
Another graduate from the University of Benin said, “I applied for the loan in my final days as a 400-level student. I waited for months but had to pay the fees myself before my final exams. Last month, I suddenly got a N20,000 upkeep payment and discovered my loan had just been approved—months after graduation. NELFUND is handling this poorly. Why are you disbursing loans to graduates? This shows serious inefficiency in the system.”
A parent, Mr. Ibrahim, also expressed concern, saying his son, who graduated two months ago, continues to receive upkeep payments.
“He was shocked when he got the alert. We don’t know how to stop it. We need help,” he said.
Meanwhile, the Academic Staff Union of Universities says it is closely monitoring the developments and awaiting the outcome of the investigation.
ASUU’s National President, Prof. Emmanuel Osodeke, said, “We are awaiting the result of the investigation, and we hope all those involved will be brought to book.”
Efforts to reach the Director of Corporate Communications at NELFUND, Oseyemi Oluwatuyi, were unsuccessful as he did not respond to inquiries as of the time this report was filed.
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