Schools, banks sabotaging student loan scheme — NOA DG
The Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, has expressed concern over alleged collusion between some tertiary institutions and banks aimed at frustrating the federal government’s student loan initiative.
In a Tuesday interview on Arise Television, Issa-Onilu disclosed that findings from the agency’s field officers revealed troubling practices in certain schools. These include charging students unofficial fees and withholding information about loan payments already made by the Nigerian Education Loan Fund (NELFUND).
“Some institutions are demanding processing fees from students before approving their loan applications—fees that are completely unjustified,” he said. “Worse still, many students only find out after paying from their own pockets that NELFUND had already covered their tuition.”
According to Issa-Onilu, these deceptive practices prompted NOA to report the matter to anti-corruption agencies, which are now monitoring the situation closely.
He emphasized that NELFUND is taking steps to increase transparency, allowing students to independently track their loan status from application to disbursement.
He criticized the institutions involved, stating, “This isn’t just about defrauding the government—it’s about failing our young people and sabotaging the future of our country.”
Issa-Onilu reiterated NOA’s commitment to ensuring that the loan scheme, designed to ease access to education, is not undermined by corrupt practices within the system.
