The Executive Director of Finance and Administration at the Nigerian Education Loan Fund (NELFUND), Dr. Femi Fred Akinfala, is facing serious allegations of financial misconduct and abuse of power. Reports indicate that Dr. Akinfala inflated his annual salary by ₦8 million, allegedly forging official approvals from key government offices, including the Secretary to the Government of the Federation (SGF) and the Presidency.
Sources within NELFUND claim that Dr. Akinfala increased his salary from ₦88,074,727 to ₦96,074,727 without following due process.
It is alleged that he manipulated salary approvals by forging signatures from top government officials to authorize the illegal increment.
An insider, speaking on condition of anonymity, described the act as a “blatant abuse of office” and warned that such financial irregularities could erode public trust in NELFUND, an institution tasked with managing student loans in Nigeria.
Beyond the financial allegations, Dr. Akinfala is also accused of forcing NELFUND employees to open salary accounts exclusively with Zenith Bank, where his wife is reportedly employed.
The move, according to sources, was designed to help his wife meet her sales targets at the bank.
Several employees have reportedly voiced concerns over workplace coercion, stating that they faced intimidation and harassment if they refused to comply with the directive.
The development has allegedly created a toxic work environment, leaving many staff members demoralized and uncertain about their job security.
If proven true, these allegations could pose a major credibility crisis for NELFUND and the administration of President Bola Tinubu.
The loan fund, established to provide interest-free loans to students and ensure access to higher education, could suffer a loss of public confidence at a time when educational reforms are a national priority.
The scandal has reportedly caused unrest within the organization, with sources indicating that staff morale is at an all-time low. Many are calling for an urgent independent investigation to restore transparency and accountability within NELFUND.
With pressure mounting, government officials and anti-corruption agencies are expected to launch a full-scale investigation into the matter. If the allegations are substantiated, Dr. Akinfala could face disciplinary actions, dismissal, or even legal prosecution.
As Nigerians await official responses from NELFUND and the Presidency, this controversy raises serious questions about financial oversight, ethical leadership, and corporate governance in one of Nigeria’s most important educational institutions.
