June 24, 2024

Nigerian Education Loan Fund Warns Against Fake Student Loan Site


The Nigerian Education Loan Fund has issued a stern warning against a fraudulent advertisement promoting a ‘Federal Study Loan’ scheme, cautioning students against falling prey to deceitful tactics.


In a recent development, the Nigerian Education Loan Fund (NELFund) has denounced the promotion of a purported ‘Federal Study Loan’ scheme through deceptive advertisements on various news platforms. The advertisement directs students to a website, www.fedstudyloan-gov.ng, falsely claiming to be the official application portal for the highly anticipated student loan initiative by the Federal Government.


In a statement released by Nasir Ayitogo, the Media and Public Relations Lead for NELFund, the organization unequivocally disassociates itself from the aforementioned website and condemns any attempt to mislead students seeking financial assistance. Ayitogo emphasized that the authentic channel for student loan applications, slated to open to the public in due course, is www.nelf.gov.ng. Furthermore, he urged individuals who come across the fraudulent website to promptly report it to the relevant authorities.


Highlighting the commitment of NELFund to prioritize the security and welfare of students, Ayitogo stressed the importance of exercising caution and verifying the legitimacy of any website or service claiming affiliation with the organization. He encouraged those affected by the scam to report it immediately to the appropriate authorities.


In related news, on April 3, President Bola Tinubu ratified the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law. This legislative milestone, following deliberations by both the Senate and the House of Representatives, signifies an upgrade to the Access to Higher Education Act, 2023, previously signed into law on June 12, 2023. The Act aims to facilitate access to interest-free loans for indigent students pursuing higher education across Nigerian tertiary institutions.


Additionally, the enactment establishes the Nigerian Education Loan Fund as the primary entity responsible for processing loan requests, grants, disbursements, and recoveries. Despite initial plans to launch the scheme in September, delays ensued due to the review of existing legislation and the expansion of its scope to encompass loans for vocational skills.


The revised version of the Act introduces provisions for the appointment of key personnel, including a Chairperson, Managing Director, and two Executive Directors, tasked with assisting the Managing Director in fulfilling their duties. Furthermore, it grants corporate status to the Loan Fund, empowering it to enter into contracts, including loan agreements with applicants, and to initiate enforcement actions to reclaim loans from beneficiaries.

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