Investigations into the disbursement of the Federal Government Students Loan Fund have uncovered unethical practices by some Banks , universities and Polytechnics.
According to reports by the Community Orientation and Mobilisation Officers (COMO), of the National Orientation Agency (NOA), schools and banks are conspiring to short-change the students.
Deputy Director Communication and Media of NOA Paul Odenyi said Mallam Lanre Issa-Onilu, the Director General of the NOA, announced the findings after meeting with NELFUND Managing Director, Mr. Akintunde Sawyerr, over the weekend.
Initial reports he said indicated that certain university officials have been withholding vital information regarding loan disbursements, prompting immediate action from NELFUND.
According to him , “the NOA’s feedback shows how specific institutions have, in connivance with some banks, deliberately delayed payments to successful students for personal financial benefit. Some universities fail to acknowledge the NELFUND’s disbursements to the students.
“Mr. Akintunde Sawyerr confirmed that some institutions are failing to inform students about loan disbursements made in their names while still requiring them to pay tuition fees”.
He stated, “Recent findings by NELFUND have shown that some institutions have received students 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.”
Mallam Issa-Onilu therefore warned the institutions and collaborating banks to cease such activities adding that ” NOA has directed its state directorates to provide further feedback from students across the country to ensure that the Federal Government takes appropriate actions against erring schools and banks.
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