By Staff Reporter
The National Association of Ogun State Students (NAOSS) has raised serious concerns over the handling of student loan disbursements under the Nigerian Education Loan Fund (NELFUND) at DS Adegbenro ICT Polytechnic, calling for an immediate investigation into what it describes as a troubling case of financial irregularity.
In a strongly worded statement issued on behalf of the association, NAOSS accused the management of the institution of failing to account for substantial sums allegedly belonging to students who benefited from the Federal Government’s student loan scheme.
According to the association, each eligible student reportedly received a NELFUND disbursement of ₦355,000, while the institution's actual tuition and associated fees are said to amount to approximately ₦236,000. This discrepancy, NAOSS noted, leaves an excess balance of about ₦119,000 per student, which has allegedly not been refunded or properly accounted for by the institution.
The association described the development as deeply disturbing and contrary to the objectives of the NELFUND initiative, which was established by the Federal Government to expand access to tertiary education and ease the financial burden on students and their families.
Speaking through its National President, Aare Oluwafemi Ajayi, popularly known as FM Castro, NAOSS expressed concern that the situation could undermine public confidence in the student loan programme if not urgently addressed.
“The refusal or failure to refund the excess funds raises serious questions and creates a strong perception of financial impropriety,” the statement read. “NELFUND was designed as a strategic intervention to support students, not as a mechanism through which institutions can profit at the expense of beneficiaries.”
The student body further alleged that the withholding of the funds appears to be a deliberate attempt to deprive students of money rightfully belonging to them, warning that such actions threaten the credibility of government-backed educational support programmes.
NAOSS has therefore called on the Economic and Financial Crimes Commission (EFCC) to conduct a comprehensive investigation into the matter and determine whether any financial misconduct has occurred.
The association argued that institutions entrusted with the education and welfare of young Nigerians must be held to the highest standards of transparency and accountability, particularly in matters involving public intervention funds.
“We call on the EFCC to thoroughly investigate this matter and uncover any form of financial misconduct,” the statement added. “Institutions entrusted with the future of Nigerian students must not be allowed to convert public intervention funds into instruments of exploitation.”
Beyond the demand for a probe, NAOSS urged the management of DS Adegbenro ICT Polytechnic to immediately provide a detailed explanation regarding the disbursement and utilization of the NELFUND allocations. The association also demanded that all affected students receive refunds of any excess funds found to be due to them.
The student organization reaffirmed its commitment to protecting the rights, welfare, and financial interests of Ogun State students, insisting that students would no longer remain silent in the face of perceived administrative excesses.
“The era of treating students as helpless spectators is over,” the statement concluded. “Justice must prevail, transparency must be ensured, and every affected student must receive what rightfully belongs to them.”
As of the time of filing this report, the management of DS Adegbenro ICT Polytechnic had not publicly responded to the allegations. Stakeholders within the education sector are expected to closely monitor developments as calls for accountability continue to grow.
