Institutions Exposed for Shortchanging Students on Loan Funds

A recent probe by the National Orientation Agency (NOA) has revealed a disturbing trend of tertiary institutions and banks colluding to shortchange students on federal government loan funds.

According to findings, some schools have been withholding crucial information about loan disbursements, deliberately delaying payments, and failing to acknowledge or record payments made to students.

The NOA’s Director-General, Mallam Lanre Issa-Onilu, has issued a stern warning to these institutions and banks to cease such practices. The Managing Director of NELFUND, Mr. Akintunde Sawyerr, has also threatened legal action against any institution found engaging in these deceptive practices.

The NOA has called on students to provide feedback through its state directorates to facilitate action against erring schools and banks. This development has sparked concerns about the integrity of the student loan system and the need for greater transparency and accountability.

As the situation unfolds, students and stakeholders are eagerly awaiting concrete actions to address these allegations and ensure that the intended beneficiaries receive the support they need.