By Our Correspondent
The Executive Director of Finance and Administration, Dr. Femi Fred Akinfala, at the Nigerian Education Loan Fund (NELFUND), has been accused of inflating his annual salary by 8 million naira. It is alleged that Dr. Akinfala increased his salary from 88,074,727 naira to 96,074,727 naira without due process. Sources claim that he forged the signatures of approving authorities, including the Secretary to the Government of the Federation (SGF) and even the office of President Bola Tinubu, to push through with the illegal salary hike.
An insider, speaking on condition of anonymity, said that Dr. Akinfala’s actions were part of a broader scheme to benefit personally, undermining the organisation’s integrity. The inflated salary figure was allegedly approved without following the proper procedures, raising serious concerns about transparency and accountability within NELFUND, which is responsible for managing student loans in Nigeria.
In addition to the salary scandal, Dr. Akinfala is also being accused of coercing all NELFUND employees into opening salary accounts with Zenith Bank. The move is allegedly designed to help his wife, a staff member at the bank, meet her sales targets. Staff have claimed that the pressure to comply with this directive has created a toxic atmosphere within the workplace, with many employees reporting harassment and undue stress.
These alleged actions, if substantiated, could have severe consequences for both NELFUND and President Tinubu’s administration. NELFUND was established to provide interest-free loans to Nigerian students, giving them equal opportunities for higher education and promoting national development. If the programme’s integrity is compromised, it could seriously damage the government’s efforts to reshape the educational landscape and provide equal opportunities for students across the country.
Sources within NELFUND say that staff morale is at an all-time low. Employees are reportedly concerned about their job security and the increasingly unethical climate within the organisation. The toxic environment could undermine the fund’s ability to effectively carry out its mission and negatively impact its role in empowering Nigerian students.
If these allegations are proven true, Dr. Akinfala’s conduct could force President Tinubu’s administration to take swift action to restore public confidence in NELFUND. It is crucial that the government addresses these issues urgently to prevent further damage to this important initiative aimed at student empowerment and national development.
The Nigerian public now awaits a thorough investigation into these serious claims. If the allegations are substantiated, the consequences for Dr. Akinfala and the future of NELFUND could be far-reaching, with repercussions not only for his personal reputation but for the credibility of the entire organisation. The outcome of this investigation could prove pivotal for the future of education in Nigeria.
