As the National Economic Reconstruction Fund (NELFUND) begins disbursing loans to Nigerian students and youths, authorities have issued a stern warning about the rise of fake loan portals trying to scam desperate applicants.
NELFUND’s new loan program aims to empower students with affordable, low-interest loans for tuition and business startups. But fraudsters are exploiting the demand by creating fake websites and WhatsApp numbers that steal personal information and demand upfront fees.
The agency’s spokesperson, Mr. Olusegun Adeyemi, warned:
“Applicants must only use the official NELFUND portal at www.nelfund.gov.ng. Never pay any money before loan approval. Report suspicious activities immediately.”
What Students Must Do
Students eager to apply should:
- Confirm the website URL carefully
- Avoid sharing sensitive info on unofficial platforms
- Use only official NELFUND social media pages for updates
- Report scams to NELFUND or law enforcement agencies
Student Voices: Caution and Hope
University of Lagos student, Nkechi Onwu, said:
“The loan is a big help, but we must be careful not to fall for fake sites.”
Parent Chinedu Okafor added:
“I pray the government clamps down on these scammers fast. Our children’s future is at stake.”
With thousands expected to apply, NELFUND is ramping up awareness campaigns to protect applicants. Meanwhile, law enforcement is tracking down fraud rings exploiting students’ hopes.
As loans bring hope for many Nigerian students, caution remains key. Don’t let scammers steal your dreams always verify before you apply.
