Stakeholders have raised critical concerns over the long-term viability and integrity of the student loan initiative, identifying sustainability, reputation and financial integrity as key risk areas requiring immediate attention.
They also sought the creation of whistleblower, early-warning mechanisms, deployment of real-time data verification tools, and joint audit frameworks, among others.
This was the focus at a stakeholder engagement workshop on system automation and loan applications convened by the Nigeria Education Loan Fund in Abuja.
A statement on Sunday night by the Independent Corrupt Practices and Other Related Offences Commission spokesman, Demola Bakare, said the event was part of the move to safeguard the student loan programme through inter-agency collaboration and enhanced transparency.
In his opening remarks, NELFUND Managing Director, Akintunde Sawyerr, reaffirmed the Fund’s commitment to building a transparent, accountable, and inclusive financing framework aligned with President Bola Tinubu’s education reform agenda.
“Our top priority is the satisfaction of beneficiaries. We remain committed to continuity, credibility, and effective risk mitigation, ” he was quoted as saying.
Sawyerr emphasised the importance of stakeholder collaboration in ensuring public trust and called for joint oversight, risk assessments and aggressive public enlightenment to strengthen the program’s credibility.
Among the concerns raised during the session were the long-term financial sustainability of the scheme, the potential for reputational damage through abuse or fraud and the need for robust systems to safeguard financial integrity.
Participants at the workshop also agreed on several next steps, including the creation of whistleblower and early-warning mechanisms, deployment of real-time data verification tools, joint audit frameworks, and nationwide awareness campaigns to educate the public on the scheme’s processes and requirements.
“The proposed joint oversight mechanism is expected to yield comprehensive reports and monthly briefings with the ICPC.
”These updates will cover details such as beneficiary data at the federal and state levels, financial flows, potential threats, and systemic bottlenecks, ” the statement added.
In response, NELFUND unveiled a fully automated and verifiable application and monitoring system designed to eliminate manual bottlenecks and reduce corruption.
In a presentation titled “NELFUND’s Structure and Compliance Landscape,” Executive Director of Operations, Iyal Mustapha, underscored the need for strict eligibility screening to ensure that loans are accessible only to genuinely needy students.
“Maintaining the integrity of this scheme is paramount,” he said.
Executive Director of Finance and Administration, Fred Akinfala, discussed measures put in place to ensure transparent financial flows.
“With transparency, integrity, and strong partnerships, this fund can become a model of efficiency and trust,” he said, urging all stakeholders to actively support the initiative.
A detailed demonstration by the Fund’s IT department showcased a digital infrastructure requiring students to input personal, academic, and banking information, which is verified in real time by their respective institutions.
The system is designed to prevent fraud and ensure accuracy in disbursement.
The workshop drew attendance from a broad spectrum of public institutions, including the Armed Forces, the Nigeria Police Force, the Office of the Accountant General of the Federation, the Nigeria Customs Service, the Federal Fire Service, the National Drug Law Enforcement Agency, and the Nigeria Correctional Service.