Nigerian Education Loan Fund (NELFUND) has explained that the delay in disbursing funds to Ladoke Akintola University of Technology (LAUTECH) was due to pending institutional processes required to finalise disbursement under the Education Loan Scheme.
The agency confirmed that engagements are ongoing with the university’s management, led by the Vice Chancellor, Prof. Rasak Olatunde Rom Kalilu, to resolve the outstanding issues and ensure the disbursement process was completed as soon as possible.
In a statement signed by the Director, Strategic Communications, NELFUND, Mrs. Oseyemi Oluwatuyi, the agency said the disbursements were executed only after the completion of institution-specific validation and reconciliation requirements.
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,” the statement said.
NELFUND noted that 12,733 verified LAUTECH students under the scheme should be allowed to sit for their examinations, as it remained fully committed to settling its obligations to the institution once the process was concluded.
It urged students and parents to remain calm, as no beneficiary would be disadvantaged.
In a related development, NELFUND confirmed the successful disbursement of funds to the University of Benin (UNIBEN) for eligible student beneficiaries under the Education Loan Scheme.
This confirmation follows an official acknowledgement letter issued by the university, signed by the Vice Chancellor, Prof. Edoba Bright Omoregie (SAN), confirming receipt of two additional tranches of NELFUND disbursements covering 2,673 students, amounting to N230,599,250.
NELFUND said the funds were received this month and had been duly acknowledged by the university.
