The management of Yaba College of Technology (YabaTech) has refuted claims of involvement in illegal deductions from the Nigerian Education Loan Fund (NELFUND) allocated to its students.
This comes after the college was named among 50 institutions accused of exploiting students by deducting fees ranging from N3,500 to N30,000 from the funds received.
In a statement, YabaTech’s Public Relations Officer, Mr Adekunle Adams, categorically denied the accusations, adding that the institution had not engaged in illegal deductions or deceptive practices.
He further clarified that the college had not withheld any part of the loan and had been fully transparent in all financial dealings related to NELFUND.
Adams explained that the Central Bank of Nigeria (CBN), which was involved in the investigation, had reviewed the college’s bank records and found no evidence of any funds received from NELFUND as alleged.
He mentioned that an official from YabaTech had visited the CBN on April 30, 2025, to follow up on the matter and received confirmation that no such payments had been processed into the college’s accounts.
He reassured students that refunds would be promptly issued once the funds were appropriately credited to the institution’s account and verified with the list of beneficiaries.
Adams urged students to remain patient and trust that all financial processes would follow the institution’s established procedures.
This controversy arises amid growing concerns about the management of NELFUND, which aims to alleviate students’ financial burden in tertiary institutions.
However, allegations of mismanagement and lack of transparency have raised questions about the handling of these funds across Nigerian universities and polytechnics.
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