Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, has dismissed allegations of financial misappropriation within the agency, saying there is no evidence to support the claims.

Sawyerr stated this during an interview with ARISE NEWS on Monday, while defending NELFUND’s management of funds allocated for student loans.

He said the agency required adequate capital to provide loans to students, adding that the Federal Government’s decision to redirect funds towards welfare programmes had supported the establishment and operations of NELFUND.

The NELFUND boss also defended the transparency of the agency’s disbursement process, saying payments to institutions and students were made electronically and could be traced.

He disclosed that NELFUND had recently transferred more than N1 billion to the University of Ibadan, while upkeep allowances were paid directly into students’ bank accounts.

Sawyerr said the funds moved electronically from the Central Bank of Nigeria to beneficiary institutions or directly to students, making the transactions traceable.

He rejected claims that the scheme was opaque, describing such allegations as unfounded and saying they appeared to be based on a misunderstanding of NELFUND’s operations.

On concerns over the fairness of beneficiary selection, Sawyerr said NELFUND’s application process was entirely electronic and designed to be impartial.

He said the system did not consider applicants’ ethnicity, gender, personal connections or relationships with NELFUND officials when determining eligibility.

According to him, applicants must meet requirements including having a National Identification Number, JAMB registration number, admission or matriculation details and a bank account.

Sawyerr said NELFUND did not make cash payments, stressing that all disbursements were processed through the electronic system.

He maintained that the system was designed to ensure that eligible Nigerian students could access the education loans without discrimination or preferential treatment.