The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a formal investigation into alleged financial discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFund).
This move follows a recent media report alleging that 51 tertiary institutions were involved in unauthorised deductions and exploitation of students benefiting from the scheme. According to the report, these institutions deducted amounts ranging from N3,500 to N30,000 from individual students’ institutional fees disbursed through the loan program.
In a statement released on Thursday, ICPC spokesperson Demola Bakare disclosed that preliminary findings revealed significant inconsistencies in the financial records of the disbursement process. Although the federal government reportedly released N100 billion for the scheme, only N28.8 billion has been directly disbursed to students, leaving an unaccounted sum of N71.2 billion.
Bakare stated that the commission’s chairman activated a special task force to investigate the matter immediately after receiving the allegations. As part of the probe, the ICPC has issued letters of investigation and invitations to key stakeholders, including the Director General of the Budget Office, the Accountant General of the Federation, and senior officials from the Central Bank of Nigeria.
The Managing Director of NELFund, Akintunde Sawyerr, has also been invited to submit relevant documentation and provide clarifications regarding the fund’s administration.
According to the ICPC, NELFund had received a total of N203.8 billion as of March 19, 2024. The breakdown includes N10 billion from the Federation Allocation Account Committee, N50 billion from the Economic and Financial Crimes Commission (EFCC), and two tranches of N71.9 billion from the Tertiary Education Trust Fund (TETFund).
The commission noted that approximately N44.2 billion has been disbursed to 299 tertiary institutions, benefiting 293,178 students to date.
“The ICPC has established a clear case of discrepancies in the administration of the student loan scheme,” the statement said, adding that the ongoing investigation will now be extended to the beneficiary institutions and individual student recipients.