The Management of D.S. Adegbenro ICT Polytechnic has dismissed allegations of financial misconduct involving the Nigerian Education Loan Fund (NELFUND), describing them as false, misleading and without any factual basis.

The institution said it received with “shock and concern” a viral press statement and video attributed to Comrade Babatunde Akinteye, National President of the National Association of Nigerian Students(NANS), which alleged the existence of fraud related to NELFUND within the Polytechnic.

In a statement released by its management, the institution categorically denied the claims, reaffirming its commitment to integrity, transparency and accountability.

“The Polytechnic was founded on the principles of academic excellence, ethical conduct and responsible governance. At no point would we engage in actions capable of undermining Federal Government intervention programmes such as NELFUND,” the statement read.

The management further emphasized its alignment with the educational reform agenda of President Bola Ahmed Tinubu and the developmental initiatives of Governor Dapo Abiodun, through the office of Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, noting that the institution remains a committed stakeholder in advancing quality education and student welfare.

It also highlighted the supervisory role of its Governing Council, led by Amb. Toye Okanlawon, stating that strict oversight mechanisms are in place to ensure compliance with financial regulations and global best practices.

To reinforce its stance on transparency, the Polytechnic invited the NANS leadership and other relevant stakeholders to undertake a comprehensive fact-finding visit, including a forensic audit of all NELFUND-related transactions.

“We are confident that such an independent review will confirm our full compliance with all established guidelines and procedures,” the statement added.

The institution condemned the spread of unverified information, warning that such claims could damage reputations and erode public trust in credible institutions.

Reiterating its position, the management urged the public to disregard the allegations and assured that it remains focused on delivering quality technical and vocational education while upholding the highest standards of accountability and service.