College Management Responds to Allegations of Illegal Student Loan Deductions
Yaba College of Technology (YABATECH), a leading institution in Nigeria’s higher education landscape, has categorically denied any involvement in illegal deductions related to the Nigerian Education Loan Fund Scheme (NELFUND). The college’s management, represented by Public Relations Officer Mr. Adekunle Adams, issued a statement today addressing recent media reports that have implicated the college in wrongful exploitation of student loans.
Setting the Record Straight on NELFUND Allegations
In response to a report published in the Guardian on April 29, 2025, which suggested that YABATECH was among 51 institutions accused of engaging in fraudulent practices, Mr. Adams expressed dismay over the unfounded allegations. The report indicated that some institutions were making unauthorized deductions ranging from N3,500 to N30,000 from students’ fees received through NELFUND.
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Commitment to Transparency and Student Welfare
Mr. Adams emphasized that YABATECH is committed to excellence and adheres strictly to government policies and directives, particularly regarding student welfare. He dismissed claims that the college had failed to disclose NELFUND disbursement details, asserting that these allegations are baseless attempts to tarnish the institution’s reputation.
Ongoing Investigation and Verification Process
Highlighting the college’s commitment to accountability, Mr. Adams revealed that the Central Bank of Nigeria (CBN) has not yet verified any funds related to NELFUND in the college’s bank statements. An officer from YABATECH recently visited the CBN for further inquiries and confirmed that no inflow of funds had been recorded.
Assurance of Future Refunds to Students
The college management reassured students that once the funds are verified and received, appropriate refunds will be processed. Mr. Adams urged students to remain patient as the institution navigates the verification process, emphasizing that financial transactions must follow due diligence and proper accounting procedures.
Key points from the statement:
- Denial of Allegations**: Yaba College of Technology (YABATECH) has denied any involvement in illegal deductions related to the Nigerian Education Loan Fund Scheme (NELFUND).
- Response to Media Reports**: The college’s Public Relations Officer, Mr. Adekunle Adams, expressed dismay over recent media reports that implicated YABATECH in the wrongful exploitation of student loans, specifically a report from the Guardian.
- Commitment to Student Welfare**: YABATECH is dedicated to excellence and adheres to government policies, emphasizing its commitment to student welfare.
- Clarification on Fund Verification**: The Central Bank of Nigeria (CBN) has not verified any NELFUND payments in YABATECH’s bank statements, as confirmed by a recent inquiry from a college officer.
- Future Refunds Assured**: Students will receive refunds once the funds are verified and processed. The college is committed to following proper accounting procedures before any payments are made.
- Call for Patience**: Mr. Adams urged students to be patient during the verification process, assuring them that their welfare remains a priority for the college.
In conclusion, YABATECH remains steadfast in its dedication to upholding integrity and transparency in all financial dealings, assuring students that their welfare is a top priority.
