Federal student loans meant to support Nigerian students are being tampered with by some universities and banks, according to findings from the National Orientation Agency (NOA).
A recent investigation by NOA’s Community Orientation and Mobilisation Officers (COMO) has uncovered that certain institutions of higher learning are working with banks to delay or withhold funds meant for students. This disturbing revelation was shared in a statement on Sunday by NOA’s Deputy Director of Communications and Media, Paul Odenyi.
The Director General of NOA, Mallam Lanre Issa-Onilu, disclosed these findings after meeting with the Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr.
The reports revealed that some universities are not only hiding the fact that students’ loans have been paid but are also demanding tuition fees from students who should already be covered by the loan. In some cases, the disbursed funds were received by the institutions directly but never communicated to the students.
Mr. Sawyerr explained:
“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, NOA has issued a warning to all involved parties and tasked its state offices to collect additional feedback from students nationwide. The goal is to ensure that the government takes firm action against any institution or bank involved in such misconduct.
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