The Community Orientation and Mobilisation Officers (COMO) of the National Orientation Agency (NOA) has indicated that schools and banks are colluding to short-change students.
In a recent investigations into the distribution of the Federal Government Student Loan Fund, it revealed unethical practices by certain higher education institutions.
Director General (DG) of NOA, Lanre Issa-Onilu, disclosed these findings following a meeting with Nigerian Education Loan Fund (NELFUND Managing Director, Akintunde Sawyerr.
Deputy Director, Communications and Media at NOA, Paul Odenyi said that preliminary reports suggest that some university officials have been withholding crucial information regarding loan disbursements, prompting NELFUND to take immediate action.
“The feedback from the NOA reveals that specific institutions, in collusion with certain banks, have intentionally delayed payments to successful student applicants for personal financial gain. Additionally, some universities are not acknowledging the disbursements made by NELFUND to the students.
Sawyerr confirmed that some institutions are failing to notify students about loan disbursements made in their name, while still demanding payment of tuition fees.
He said: “Recent findings by NELFUND have shown that some institutions have received student 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.”
In response, Issa-Onilu warned the institutions and the collaborating banks to halt such activities.
“The NOA has instructed its state directorates to gather further feedback from students nationwide to ensure that the Federal Government can take appropriate action against any erring schools and banks.”
