The management of the Federal University of Lokoja (FUL) said it has fully complied with the National Education Loan Fund (NELFUND) policies regarding the disbursement of N188,002,500 in education loans to 1,631 students of the institution.
According to Daniel Ikechukwu Nwankwo, the institution’s public relations officer (PRO), the management took this opportunity to clarify all matters surrounding the distribution of these loans and ensure that stakeholders were informed correctly.
“We would like to categorically affirm that it has fully complied with the National Education Loan Fund (NELFUND) policies regarding the disbursement of N188,002,500 in education loans to 1,631 students. We take this opportunity to clarify all matters surrounding the distribution of these loans and ensure that our stakeholders are properly informed.
“Upon receiving the sum of N188,002,500 for 1,631 students, the university took immediate and transparent action by first acknowledging and appreciating the managing director/CEO of the Nigeria Education Loan Fund (NELFund) in a letter dated 10th April 2025, signed by the vice-chancellor, Professor Olayemi Akinwumi, and published on its social media handles.
“Furthermore, the vice-chancellor, Professor Olayemi Akinwumi, alongside the entire university management, ensured that the list of loan recipients was swiftly made public. The names of all benefiting students were prominently displayed on the Student Affairs Notice Boards across campus, offering a channel for students to verify their inclusion and further details regarding the fund.”
He added that it is essential to emphasise that the process has been conducted with the utmost integrity, and the university has worked diligently to ensure that all successful student loan applicants have been duly notified.
“The dean of student affairs, Professor Yusufu Abdullahi, has verified that the fund has been released to all eligible students. However, there are a small number of cases where payments have been delayed, particularly in these cases, students did not provide valid or accurate bank account details.
“The Student Union President, Mr Benjamin Olorunfemi (Ben Praise) has clarified that, out of the total loan recipients, only about 60 students have yet to receive their disbursements. About 40 students failed to provide their account details, while about 20 others submitted incorrect or invalid account information.”
He added that the university has been proactive in addressing these issues. Efforts are underway with the Bursary Department to ensure that these students’ details are rectified and their disbursements are processed promptly.
“The university is working closely with the affected students to ensure that no one is left behind and that all loan recipients receive their funds in full and on time.
“We believe it is essential to provide this update in order to quell any unfounded rumours or misconceptions. There have been false claims suggesting misappropriation of funds, inflation of fees, or other forms of financial misconduct. We would like to unequivocally state that these allegations are baseless and without merit.
“The Federal University Lokoja remains committed to the transparency, fairness, and effective management of all student services, including the distribution of education loans under NELFUND.
“The university administration is dedicated to maintaining an open line of communication with its students and ensuring the success of this educational loan initiative. We assure all students, parents, and stakeholders that all outstanding issues will be resolved swiftly and that we will continue to monitor the situation to guarantee that all students who qualify for these loans receive their rightful disbursements.
“We appreciate the patience of all our students and stakeholders as we finalise the process, and we remain fully committed to supporting their educational advancement,” the statement read.
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