The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has issued a public clarification, stating that it has not established any discrepancies or diversion of funds in the ongoing investigation of the Student Loan Scheme managed by NELFUND.
The clarification, published on the Commission’s website, follows an earlier press release that it has commenced a comprehensive probe into alleged discrepancies surrounding the disbursement of student loans.
ICPC admitted to the omission of the word “NOT,” creating the false impression that fraud had already been detected.
Unintentionally, the word ‘NOT’ was missing in the second-to-last paragraph of our earlier press release in respect of an ongoing investigation regarding the Student Loan Scheme. The missing word created an erroneous impression that the alleged discrepancies or diversion had been established.
We admit that this is not the case, indeed, we accept that the same part of the sentence also contradicted the whole paragraph.
The paragraph ought to read: The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients,” the statement read.
The ICPC made it clear that, at this stage of the investigation, no cases of diversion or discrepancies have been found. It stated that the only fact established so far is the total amount of funds received and disbursed by NELFUND.
“The impression of diversion and the issue of discrepancies do not exist at this stage; the investigation would have to move into the receiving institutions and persons before any reasonable deductions could be made,” they noted
The Commission further emphasized its commitment to due process and noted that it does not indict individuals or institutions prematurely.
“It is hereby reiterated that the commission does not engage in media trials nor does it usurp the power of the judiciary to indict persons or organisations,” they stated.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had earlier launched its own investigation following a media report that alleged the involvement of 51 tertiary institutions in illegal deductions from students’ loans.
While the Federal Government reportedly released N100 billion for the programme, the Commission said only N28.8 billion has been disbursed to students, leaving N71.2 billion unaccounted for. As part of the probe, the ICPC has invited NELFUND’s CEO, Akintunde Sawyerr, officials from the Central Bank of Nigeria, and others for questioning.
However, NELFUND has denied any wrongdoing. It stated that public figures circulating online relate to older education finance interventions that predate its official launch in 2024, and are not connected to the current loan scheme.
The agency explained that institutional fees are paid directly to verified institutions, while student allowances are sent to verified bank accounts. It emphasized that its processes are fully automated, timestamped, and digitally tracked, eliminating any human interference.
The Federal Ministry of Education has also launched its own investigation into the allegations. The ministry also set up an urgent meeting with Vice Chancellors of affected universities and the NELFUND MD, scheduled for May 6, 2025, to ensure accountability and reinforce its zero-tolerance stance on corruption.
To improve transparency, the Ministry will introduce a compliance-tracking initiative with the Athena Centre, a countdown webpage, and an Annual University Transparency Index. University bursars and ICT Heads will also be trained on managing open-portal systems for real-time loan transaction tracking.
The Commission appealed for public patience and encouraged anyone with useful information to come forward and support the ongoing investigation.
“The general public is urged to exercise patience as thorough investigations require time and ample resources. However, persons with information of value are encouraged to reach out to the Commission through [email protected],” they noted
ICPC acknowledged the error in its previous release has been corrected version and updated on its website.
