NELFUND moves to monitor student loan disbursement, warns against fake sites…what you should know
The Nigerian Education Loan Fund (NELFUND) has ramped up efforts to ensure transparency in student loan distribution while cautioning students against fraudulent online portals pretending to be official. As part of its commitment to integrity in the disbursement process, the agency has partnered with the Central Bank of Nigeria (CBN) and anti-graft agencies to oversee fund allocation.
Monitoring student loan disbursement for transparency
NELFUND confirmed the formation of a Disbursement Oversight Committee made up of representatives from the CBN, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and the Federal Ministry of Education. This committee is tasked with monitoring disbursements to beneficiary institutions to ensure efficient and equitable use of public funds.
The agency further disclosed that over ₦38.2 billion has been released to 206 tertiary institutions in tuition payments, alongside ₦34.8 billion to students for upkeep, bringing total disbursements to over ₦73 billion benefiting 366,247 students.
NELFUND fake portal warning to students
NELFUND has issued a stern warning against a circulating fake portal falsely claiming that President Tinubu had reopened the student loan application window. The fraudulent site URL, “nelfund‑student‑loan‑2025.po‑rt‑al.com/NELFUND”, is unverified and flagged as dangerous.
Oseyemi Oluwatuyi, NELFUND’s Director of Strategic Communications, advised students, parents, and guardians to avoid clicking on suspicious links and emphasized the official and only valid portal is “https://nelf.gov.ng.” The public was urged to report any misleading messages or websites via the agency’s official email and verified social media handles.
How NELFUND and agencies strengthen accountability
By partnering with the CBN, EFCC, ICPC, and Ministry of Education, NELFUND aims to fortify public confidence and curb financial mismanagement. The cross-agency monitoring framework ensures real-time scrutiny of fund flows, flagging irregular transactions early.
This structure also empowers whistleblowers (students or institutional staff), to report discrepancies directly, which could lead to audits or sanctions, reinforcing accountability in the student loan mechanism.
Read Also: NELFUND process now fully digitised… here’s what to know
Protecting students from online fraud
As loan application moves online, scammers exploit the shift by mimicking official sites. NELFUND’s alert serves as a digital literacy checkpoint, urging stakeholders to verify URLs and follow updates only through authenticated handles like @nelfund on X, Instagram, Facebook, and LinkedIn.
Experts underscore the importance of cybersecurity awareness, especially among students whose personal or financial data could be harvested via phishing. NELFUND’s campaign includes plans to deploy IT teams to institutions to reinforce safe access and support proper use of the official portal.
In summary, NELFUND’s strategic move to monitor loan disbursement with anti-graft agencies strengthens system-wide transparency, guards against misuse, and restores stakeholder confidence. Simultaneously, its vigorous warning against fake sites aims to protect students from online predatory schemes. The collaboration marks a significant stride in safeguarding Nigeria’s student loan infrastructure.