ICPC probes NELFund over ‘discrepancy’ in student loan disbursements … Invites MD, others

ICPC official

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated an investigation into alleged discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFund).

The investigation was prompted by a recent media report claiming that 51 tertiary institutions were involved in illegal deductions and exploitation related to the NELFund scheme.

These institutions allegedly made unauthorised deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.

A statement on Thursday by Demola Bakare, ICPC spokesperson, said preliminary findings have revealed a significant gap in the financial records of the disbursement process.

He noted that while the federal government released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion.

Bakare said commission’s chairman’s special task force immediately began its investigation upon receiving the report.

He said letters of investigation and invitations were sent 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.

Bakare said Akintunde Sawyerr, the managing director of NELFund, has also been invited to provide documentation and explanations relevant to the case.

According to the ICPC, the total money received by NELFund as of March 19, 2024, was N203.8 billion.

“The breakdown showed that N10 billion was an allocation from the Federation Allocation Account Committee, N50 billion was from the Economic and Financial Crimes Commission, N71.9 billion was from the Tertiary Education Trust Fund, while another N71.9 billion was also from the same Tertiary Education Trust Fund,” the statement reads.