YabaTech Denies Allegation of Deductions from Students’ Loan
The management of Yaba College of Technology (YabaTech) has firmly denied allegations of unauthorized deductions from the Nigerian Education Loan Fund (NELFUND) disbursed to its students.
In a statement issued by the institution’s Public Relations Officer, Mr. Adekunle Adams, the college refuted claims of exploitation and insisted that it had not engaged in any illegal deductions from students’ loan payments.
YabaTech was recently listed among 50 tertiary institutions allegedly involved in fraudulent deductions ranging from ₦3,500 to ₦30,000 per student, following NELFUND disbursements. The National Orientation Agency (NOA) and NELFUND had accused the institutions of deceptive practices, including withholding a portion of the institutional fees and failing to provide transparent disbursement records.
Adams, however, described the claims as false and damaging. He emphasized that the college did not receive any such funds, as confirmed by a top official who visited the Central Bank of Nigeria (CBN) on April 30, 2025, for clarification. According to Adams, a review of the college’s bank statements showed no inflow from the student loan fund.
“The allegation that the college is withholding or mismanaging funds from NELFUND is entirely untrue,” Adams stated. “Accounting procedures must be strictly followed, and Yaba College of Technology remains committed to financial transparency.”
He further explained that the institution had not received the credited funds and that the list of student beneficiaries was still under verification.
“The college will begin refunds as appropriate once the funds are credited and reconciled with the verified list of beneficiaries,” he said, assuring students that payments will be made promptly once due diligence is complete.
Adams urged students to remain patient and trust the process, reaffirming the institution’s commitment to accountability and federal compliance.
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