The Nigerian Education Loan Fund (NELFUND) has explained that the disbursement of education loan funds to Ladoke Akintola University of Technology (LAUTECH) is yet to be concluded due to pending institutional processes required to finalise payment under the Education Loan Scheme.
In a statement issued by the Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, NELFUND said it is actively engaging the university’s management, led by the Vice-Chancellor, Professor Rasak Olatunde Rom Kalilu, to resolve the outstanding issues and complete the disbursement as soon as practicable.
According to the Fund, payments are only executed after the completion of institution specific validation and reconciliation requirements. These processes, it noted, were not concluded for LAUTECH at the time of the last disbursement cycle.
NELFUND, however, confirmed that discussions with the university are ongoing to ensure that all required steps are completed and payment effected without further delay.
In the interim, the Fund urged LAUTECH authorities to allow the 12,733 verified students enrolled under the scheme to sit for their examinations, stressing its commitment to settling its obligations to the institution once the process is concluded.
Students and parents were advised to remain calm, with assurances that no beneficiary would be disadvantaged.
Meanwhile, NELFUND has confirmed the successful disbursement of funds to the University of Benin (UNIBEN) for eligible student beneficiaries under the Education Loan Scheme.
The confirmation followed an official acknowledgement letter from the university, signed by the Vice-Chancellor, Professor Edoba Bright Omoregie (SAN), confirming receipt of two additional tranches of disbursements covering 2,673 students, amounting to ₦230,599,250.
The funds, received in January 2026, have been duly acknowledged by the university. NELFUND said the clarification became necessary following the circulation of a purported repayment circular, which UNIBEN has formally disowned, stating that it did not originate from the institution and that no repayment guideline has been issued.
NELFUND reiterated that funds have already been paid directly to UNIBEN and that no student is required to make any payment in connection with the loan scheme at this time. It added that neither the Fund nor the Federal Government has authorised any individual or group to demand payments from students.
The Fund reaffirmed its commitment to transparency, accountability, and collaboration with tertiary institutions to ensure that eligible Nigerian students fully benefit from the Education Loan Scheme.
