The National Association of Ogun State Students has accused D.S. Adegbenro ICT Polytechnic, Ogun State, of withholding excess funds disbursed to students under the Nigerian Education Loan Fund scheme, calling for an investigation into the matter.
The allegation was contained in a statement issued on Tuesday by the National President of NAOSS, Comrade Aare Oluwafemi Ajayi, as reported by Nigerian Tribune.
NAOSS alleged that while NELFUND disbursed N355,000 per beneficiary, the institution’s tuition fees stood at about N236,000, leaving an outstanding balance of approximately N119,000 per student that had not been accounted for.
Ajayi expressed concern over what he described as a possible attempt to deprive students of funds belonging to them.
He said, “Reports indicate that the sum of N355,000 was disbursed per student through NELFUND, whereas the actual school fees payable stand at approximately N236,000. This leaves a balance of N119,000 belonging to each affected student.
“The refusal or failure of the institution to refund this excess amount raises serious questions and creates a strong perception of fraudulent intent.”
The students’ body subsequently called on the Economic and Financial Crimes Commission to investigate the matter while demanding transparency, accountability and immediate refund of any excess funds due to affected students.
Responding to the allegation, the Rector of the Polytechnic, Dr Rauf Adegoke, denied any wrongdoing, explaining that the funds received from NELFUND covered more than tuition fees.
According to him, the loan package includes charges for Health Maintenance Organisation services, insurance, security and other welfare-related services that institutions are mandated to provide for beneficiaries.
“That fund is in two categories. The first is upkeep allowance paid directly to students approved for the loan scheme. The second covers tuition and other services such as hospital care, insurance, and a few other things that NELFUND expects the Polytechnic to provide on behalf of students,” Adegoke said.
The rector stated that the institution had fulfilled its obligations by enrolling beneficiaries in health insurance schemes and providing HMO services.
“For every beneficiary, we have done insurance and Health Maintenance Organisation services. We have given them cards so that they can access healthcare whenever they are sick. These are benefits that are supposed to be provided on their behalf, and we have done that,” he added.
Adegoke further disclosed that students who paid tuition fees before securing NELFUND approval had already been refunded.
“Some students paid tuition before NELFUND approved their loans. What we did was refund whatever amount they paid from their personal funds. Some paid N160,000, others N180,000, depending on their programme and payment arrangements. All such payments have been returned to them,” he said.
He maintained that all deductions and expenditures were in line with NELFUND guidelines and applicable to beneficiary institutions nationwide.
“Everything NELFUND directed us to do, we have done, including insurance, HMO, and security arrangements. We are not expected to hand over money meant for those services to students. These are services provided for their benefit,” the rector stated.
