Administration of YabaTech has not been involved in any illegal deductions or exploitation of the students.
The administration of Yaba College of Technology (YabaTech) has refuted the claim that it was involved in the illicit deduction of funds from the Nigerian Education Loan Fund (NELFUND) from the students who were enrolled at the college.
This follows after the Nigerian Education Loan Fund (NELFUND)Â Managing Director and Vice Chancellors of impacted universities have been asked by the federal government to an emergency meeting on May 6, 2025, in response to troubling claims of unauthorized deductions from student loans.
Dr. Maruf Olatunji Alausa, minister of education, expressed grave worry about the situation and said that the government will spare no effort in its fight for transparency, the preservation of public finances, and the equitable distribution of loan benefits among students.
Boriowo Folasade, the director of press and public relations for the ministry, issued a statement which stated that the federal ministry of education is concerned about a media report that claims certain Nigerian colleges took unapproved deductions from NELFUND scheme.
Alausa said, “In response, the Ministry is convening an urgent meeting on May 6, 2025, with the Vice Chancellors of the affected universities and the Managing Director of NELFUND.
“The meeting will aim to thoroughly investigate the matter, ensure full accountability, and reaffirm the Ministry’s zero-tolerance policy toward financial malpractice in the education sector.
“To reinforce this effort, the Ministry, in collaboration with the Athena Centre, will launch a compliance-tracking initiative and a countdown webpage to monitor institutional transparency.”
YabaTech was identified as one of the 50 institutions that were reportedly involved in illicit deductions and the exploitation of students.
Mr. Adekunle Adams, who serves as the institution’s Public Relations Officer, has said that the administration has not been involved in any illegal deductions or exploitation of the students.
Adams indicated that the allegations that the college refused to disclose disbursement from NELFUND while urging that students should pay were not true.
This was expressed in response to the charge that the institution had violated the terms of the agreement. Adams saw the claim as an attempt to smear the most prominent institution and to discredit the institution’s commitment to the federal government.Â
Based on his comments, it appears that the Central Bank of Nigeria (CBN) has not been successful in tracing the money that was found in the college’s bank statements.
He added that a high-ranking officer of the institution who was present at the Central Bank of Nigeria (CBN) on April 30, 2025 for the purpose of conducting additional inquiries and monitoring the payment brought with him the report that the CBN had searched through the bank statements of the school but was unable to locate the inflow.
Adam said, “It must also be noted that accounting procedures and processes must be duly followed in every financial transaction before payment could be made, which Yaba College of Technology is championing and will not compromise.”
The alleged sum that was allegedly paid to the college was still being verified by the Central Bank of Nigeria (CBN), and it had not yet been credited to the institution, he emphasized.
The list of beneficiaries that was given to the college is currently being verified, according to Adams, and the college’s account has not yet shown the institutional costs that have been paid.
“The college will, however, begin the payment of refund as appropriate, as soon as the payment hits the college account, and reconciled with the list of the beneficiaries as there must be cash backing for any payment to be made.”