The management of Yaba College of Technology (YabaTech) has debunked the allegation that it was involved in illegal deductions from the Nigerian Education Loan Fund (NELFUND) from their students.
Public Relations Officer of the institution, Mr. Adekunle Adams, stated that the management was not involved in illegal deductions or exploitation of the students.
YabaTech was mentioned among other 50 institutions allegedly involved in illegal deductions and exploitation of students after the NELFUND fund disbursement.
The errant institutions allegedly deduct between N3,500 and N30,000 off each student’s institutional fee that was submitted and received from NELFUND.
NELFUND and the National Orientation Agency (NOA) had accused these institutions of engaging in “deceptive practices” by collecting institutional fees from the government without refunding the full value to students at the point of disbursement.
They also accused the schools of lacking transparency, for allegedly refusing to disclose disbursement records.
In denying the allegation, Adams stated as untrue the accusations that the college refused to disclose disbursement from NELFUND while insisting that students should pay were not true.
Adams described the allegation as an attempt to malign the foremost institution and disrepute its allegiance to the federal government.
According to him, the Central Bank of Nigeria (CBN) has not been able to trace the money in the bank statements of the college.
He added that a high ranking officer of the college who was at the CBN on April 30, 2025 for further enquiry and monitoring of the payment came with the report that the CBN checked through the school’s bank statements but could not find the inflow.
“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,” Adams posited.
He stressed that the purported amount said to have been paid to the college was under verification by the CBN and yet to be credited the institution.
Adams said the institutional fees has not reflected in the account of the college while the list of the beneficiaries sent to the college is under verification.
“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,” Adams submitted.
He appealed to the concerned students of the college to exercise patience and allow due diligence to be carried out, pledging that payment will be made as soon it gets to the college account.
