The Nigerian Education Loan Fund, NELFUND, has issued an update clarifying the status of loan disbursements to Ladoke Akintola University of Technology, LAUTECH, stating that payment to the institution has not yet been concluded due to pending institutional processes required under the Education Loan Scheme.
In a statement released on Monday and signed by the Director of Strategic Communications, Oseyemi Oluwatuyi, the Fund explained that engagements are ongoing with the management of LAUTECH, led by the Vice-Chancellor, Professor Rasak Olatunde Rom Kalilu, to resolve the outstanding issues and complete the disbursement process as soon as possible.
According to NELFUND, disbursements to institutions are only executed after the completion of institution-specific validation and reconciliation procedures, which were not finalised in the case of LAUTECH during the last disbursement cycle.
The statement said, “In the case of LAUTECH, these processes were not concluded at the time of the last disbursement cycle. However, the Fund confirms that engagements with the University are ongoing, with a view to resolving the outstanding issues and effecting payment as soon as the required steps are completed.”
NELFUND also addressed concerns around examinations, stressing that students should not be affected by the delay. “In the interim, NELFUND emphasises that 12,733 verified LAUTECH students under the scheme should be allowed to sit for their examinations, as the Fund remains fully committed to settling its obligations to the institution once the process is concluded. Students and parents are advised to remain calm, as no beneficiary will be disadvantaged,” the statement added.
In a related development, the Fund confirmed the successful disbursement of education loan funds to the University of Benin, UNIBEN, for eligible student beneficiaries under the scheme.
NELFUND disclosed that the confirmation followed an official acknowledgement letter from the University, signed by its Vice-Chancellor, Professor Edoba Bright Omoregie (SAN), confirming receipt of two additional tranches of disbursements covering 2,673 students and amounting to a total of ₦230,599,250.
“The funds were received in January 2026 and have been duly acknowledged by the University,” the statement said, adding that the clarification became necessary following the circulation of a purported repayment circular.
According to NELFUND, the University of Benin has formally disowned the circular, confirming that it did not originate from the institution and that no repayment guideline has been issued.
“NELFUND reiterates that funds have already been paid directly to UNIBEN, and as such, no student is required to make any payment in connection with the loan scheme at this time. Neither NELFUND nor the Federal Government has authorised any individual, group, or institution to request payments from students or beneficiaries,” the statement said.
The Fund reaffirmed its commitment to transparency, accountability, and collaboration with institutions to ensure eligible Nigerian students benefit fully from the Education Loan Scheme.
