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NELFund Denies Alleged Corruption, Misappropriation Of Student Loan Funds

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The Nigerian Education Loan Fund (NELFund) “has refuted allegations of misappropriation and mismanagement of student loan funds.”

In a statement on Thursday, Oseyemi Oluwatuyi, the fund’s director of strategic communications, said “some media reports are circulating ‘unverified, context-free, and inflammatory’ claims suggesting that it mismanaged student loan monies.”

Oluwatuyi said “these allegations are ‘false, grossly irresponsible, and damaging’ to the integrity of the scheme.”

Earlier reports had it that “the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced an investigation into alleged discrepancies in the disbursement of student loan funds.”

“A report had claimed that 51 tertiary institutions were involved in illegal deductions and exploitation related to the NELFund scheme.”

The ICPC said that “of the N100 billion released by the federal government reportedly for the student loan scheme, only N28.8 billion had been disbursed to students as of the time of the report, leaving about N71.2 billion unaccounted for.”

It noted that “its special task force has invited key stakeholders for questioning, including the director general of the budget office, the accountant general of the federation, and officials of the Central Bank of Nigeria.”

Akintunde Sawyerr, NELFund’s managing director, “has also been invited to provide relevant documentation.”

The ICPC said “N203.8 billion had been received by NELFund as of March 19, 2024, from multiple channels.”

“These include allocations from the Federation Allocation Account Committee (FAAC), the Economic and Financial Crimes Commission (EFCC), and the Tertiary Education Trust Fund (TETFund).”

“Of that figure, ICPC said N44.2 billion had been disbursed to 299 beneficiary institutions, covering 293,178 students.”

Oluwatuyi said “no funds have been stolen under the current student loan scheme, which officially launched its application portal in 2024.”

“All institutional fees are paid directly to verified institutions, while upkeep allowances go into the verified bank accounts of eligible students,” she said.

“The reports circulating in the public space are based on outdated figures and previous interventions that predate our operations.”

The communications director said “NELFund operates an automated loan system to eliminate the possibility of financial misconduct.”

“Every application and disbursement, according to her, is digitally tracked, time-stamped, and verifiable.”

BIG STORY

JUST IN: Super Eagles Legendary Goalkeeper Peter Rufai Dies At 60

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The Super Eagles have honoured former Nigerian goalkeeper and 1994 Africa Cup of Nations winner, Peter Rufai, following reports of his passing.

In a statement posted on Thursday via X, the national team referred to Rufai, popularly called “Dodo Mayana,” as an iconic figure in Nigerian football whose impact will always be remembered.

“Forever in our hearts, Dodo Mayana. We mourn the passing of legendary Super Eagles goalkeeper, Peter Rufai, a giant of Nigerian football and a 1994 AFCON champion,” the statement said.

The statement praised Rufai’s outstanding career, highlighting his remarkable performances and influence beyond football.

“Your legacy lives on between the sticks and beyond. Rest well, Peter Rufai,” it added.

Rufai was a key member of the celebrated Nigerian team that won the 1994 AFCON and qualified for the country’s first-ever FIFA World Cup in the same year.

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When Lagos Drew The Line On Plastic Waste, It Chose The Harder, Better Path — By Babajide Fadoju

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On July 1, 2025, the Lagos State Government began full enforcement of its long-announced ban on single-use plastics less than 40 microns in thickness. These included styrofoam food packs, polystyrene cups, plastic straws, and thin carrier bags. This was not just another policy roll-out. It marked a significant environmental turning point for one of Africa’s most densely populated cities.

The Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, had spent months leading the charge. At every forum and press briefing, he maintained that the state would not shift the enforcement date. And when that date arrived, the government kept its word. What many had assumed would be delayed or softened became a reality across markets, food vendors, eateries, and shopping outlets. Lagos had drawn the line.

The decision did not happen overnight. In January 2024, the government had announced the ban on styrofoam products, warning that other forms of non-biodegradable single-use plastics would follow. Manufacturers, food service businesses, and packaging companies were given an 18-month window to adapt. By January 2025, after multiple consultations with key industry players including the Manufacturers Association of Nigeria (MAN), the Restaurants and Food Services Proprietors Association of Nigeria (RFSPAN), and the Food and Beverage Recycling Alliance (FBRA), the government granted a six-month extension. That grace period ended on June 30, 2025. The very next day, enforcement began.

Commissioner Wahab consistently emphasised that the decision was not driven by convenience or popularity, but by necessity. Lagos, with its coastal geography, had become especially vulnerable to the effects of plastic pollution. Thin plastics and styrofoam containers were not just littering the streets; they were choking the city’s drainage systems, causing repeated flooding, and disrupting the natural flow of water across low-lying areas. The government had been forced to spend billions clearing clogged drains, dredging canals, and evacuating waste. These were resources that could have supported education, housing, or healthcare. Continuing with the status quo would have been reckless.

Across the world, over 70 countries had adopted similar bans or restrictions. Some had introduced taxes on plastic bags. Others had outright prohibited the use of certain materials. Lagos joined that global conversation not to make a statement, but to solve a real problem. For years, markets like Mile 12 and Oyingbo had been overwhelmed by plastic waste. Waterways like the Ogun River and Lagos Lagoon had carried tonnes of microplastics downstream. With each rain, the damage multiplied.

The Lagos Waste Management Authority (LAWMA) played a central role in translating policy into action. In the weeks leading up to enforcement, LAWMA organised community outreach campaigns, market sensitisation, and stakeholder meetings. Waste collectors were briefed on how to spot banned items and how to separate recyclable materials. LAWMA officials worked directly with traders, waste vendors, and informal sector recyclers to ease the transition. Educational materials were printed in English, Yoruba, and Pidgin to reach as many residents as possible.

Despite all these efforts, resistance remained. Some business owners argued that alternatives were more expensive. Others claimed they had not received enough notice. But Wahab was unflinching. He stated clearly that any manufacturer or distributor who had failed to find a safer, eco-friendly alternative after 24 months was simply not ready to comply. The policy had been public knowledge since 2024. The time for excuses had passed.

There was also concern about job losses, especially in the plastic production and distribution chain. The government responded by highlighting the opportunity for innovation. Biodegradable packaging, paper alternatives, reusable food containers, and local compostable materials were now in demand. New jobs could be created in eco-friendly product design, waste sorting, and recycling infrastructure. Wahab noted that Lagos would support businesses willing to shift in this direction, but would no longer subsidise pollution in the name of economic convenience.

The path Lagos chose was not the easiest, but it was the most responsible. It took political will to push through a decision that affected thousands of daily transactions, from street food sales to major retail chains. It took environmental clarity to say no when delay would have been more comfortable. And it took administrative strength to follow through on enforcement, when doing nothing would have been easier.

Now, the hard part continues. Enforcement must be consistent. Public awareness must be sustained. And alternatives must remain within reach of ordinary citizens. But with this bold step, Lagos signalled that it would no longer be held hostage by harmful habits and unchecked commercial practices.

The story of July 1, 2025, was not just about plastic. It was about leadership. It was about vision. And it was about protecting a city that refuses to collapse under the weight of its own waste.

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BIG STORY

AMCON Sells Ibadan DisCo For N100bn

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The Asset Management Company of Nigeria has confirmed the sale of the Ibadan Electricity Distribution Company.

Gbenga Alake, managing director and chief executive officer of AMCON, revealed the details of the transaction during a media briefing with journalists on Thursday.

In April 2024, the federal government announced plans to sell five electricity distribution companies managed by banks and AMCON.

Ibadan DisCo, which was under AMCON’s management, is among the five companies listed for sale. Others include the Abuja Electricity Distribution Company, Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

During the briefing, Alake stated that the company was sold for N100 billion.

He mentioned that AMCON would soon transfer the company to the preferred bidder.

“Today, I announce to you that Ibadan DisCo has been sold. When we came in, it has already been sold. It was sold for how much?” Alake said.

“We got in and said no, it cannot be. We said they should go and submit a new offer that we were not going to sell for that.

“At the end of the day, we got almost double of what Ibadan DisCos was going to be sold for.”

He explained that the sale has sparked legal disputes, with “so many interests now fighting and writing”.

Alake maintained that despite the matter being in court, AMCON remains confident that the process was properly handled.

“We have sold it… and whatever is still happening in court, we will face it,” he said.

On May 15, reports emerged that the African Initiative Against Abuse of Public Trust, a civil society group, had filed a suit at the federal high court in Abuja against AMCON, the Nigerian Electricity Regulatory Commission, the Bureau of Public Enterprises, and Ibadan DisCo over an alleged planned sale of a 60 percent stake in the company for $62 million.

The civil society group, in the suit marked FHC/ABJ/CS/866/2025, described the sale as “secretive and illegal,” claiming the price was “corruptly undervalued”.

The group also argued that the transaction would result in a $107 million loss compared to the $169 million paid for the same stake during the 2013 privatisation of Ibadan DisCo.

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