The ICPC, along with other relevant commissions, has initiated an investigation

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched an extensive investigation into alleged inconsistencies in the allocation of student loans from the Nigeria Education Loan Fund (NELFUND).

In a statement issued on Thursday, May 1, 2025, the commission's spokesperson, Demola Bakare, reported that only N28.8 billion was disbursed to students across various tertiary institutions, despite N100 billion being allocated for these institutions. The statement also indicated that important stakeholders, including the Director-General of the Budget Office and the Accountant-General of the Federation, have been summoned to participate in the investigation. Bakare noted that senior officials from the Central Bank of Nigeria, along with the Chief Executive Officer and Executive Director of NELFUND, have also been called in to provide relevant documentation and clarify their involvement. This investigation was initiated following a recent media report that cited allegations of illegal deductions and exploitation affecting at least 51 tertiary institutions participating in the NELFUND scheme. The institutions in question are accused of making unauthorized deductions from students' institutional fees, ranging from N3,500 to N30,000, from funds received through the loan program. Preliminary investigations uncovered a significant discrepancy in the financial records pertaining to the disbursement process. While the Federal Government allocated N100 billion for the scheme, only N28.8 billion was actually distributed to students, resulting in an unexplained shortfall of N71.2 billion. The ICPC confirmed that its Chairman's Special Task Force promptly began its work upon receipt of the report, sending letters of inquiry and invites 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.
Furthermore, the Chief Executive Officer and Executive Director of NELFUND were also asked to provide crucial documentation and clarifications about the case. The Commission indicated that the responses have been thoroughly analyzed and interviews with the relevant parties are underway. For further updates, please follow Clrroad Media-Blog.