Abuja, Nigeria – May 1, 2025 | Newspot Nigeria
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a sweeping investigation into troubling discrepancies surrounding Nigeria’s student loan program under the Nigeria Education Loan Fund (NELFUND), following allegations of widespread illegal deductions and financial mismanagement across multiple tertiary institutions.
In a statement released Thursday, the ICPC disclosed that it initiated the probe after media reports alleged that 51 tertiary institutions had imposed unauthorized charges ranging from N3,500 to N30,000 on students who received institutional fee payments through the loan fund.
Preliminary ICPC findings revealed a staggering shortfall of N71.2 billion, with only N28.8 billion reportedly disbursed out of the N100 billion allocated by the Federal Government, raising serious concerns over the integrity of the fund’s administration.
The Commission’s Chairman’s Special Task Force promptly commenced an inquiry, dispatching letters and invitations to key stakeholders including:
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Director General, Budget Office
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Accountant General of the Federation
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Top officials at the Central Bank of Nigeria
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NELFUND’s Chief Executive Officer and Executive Director
Following critical document reviews and interviews, the ICPC confirmed that as of March 19, 2023, NELFUND had received N203.8 billion from various sources:
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N10 billion from the Federation Allocation Account Committee
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N50 billion from the Economic and Financial Crimes Commission (EFCC)
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Two tranches of N71.9 billion each from the Tertiary Education Trust Fund (TETFund)
Despite this, only N44.2 billion has reportedly been disbursed to 299 institutions, reaching 293,178 student beneficiaries — a far cry from the total funds received.
According to the ICPC, “a clear case of discrepancies has been established,” prompting the agency to expand its probe to cover not only institutional recipients but also individual student beneficiaries.
This latest investigation adds to growing public scrutiny over transparency in education financing and deepens concerns about corruption in social welfare initiatives under the current administration.
Newspot Nigeria will continue to follow this developing story and provide verified updates as the ICPC releases further findings.
FULL PRESS RELEASE:
INDEPENDENT CORRUPT PRACTICES AND OTHER RELATED OFFENCES COMMISSION (ICPC)
PRESS RELEASE
Thursday, 1st May 2025
ICPC Launches Comprehensive Investigation into Discrepancies in Student Loan Disbursement
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).
This action follows a recent media report alleging that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation related to the NELFUND scheme.
These institutions were alleged to have made unauthorized deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.
Media sources had alleged a staggering shortfall of N71.2 billion, with only N28.8 billion reportedly disbursed out of the N100 billion allocated by the Federal Government, raising serious concerns over the integrity of the fund’s administration.
The Commission confirmed that its Chairman’s Special Task Force immediately swung into action upon receiving the report.
Letters of investigation and invitations were dispatched 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.
Additionally, the Chief Executive Officer and Executive Director of NELFUND were invited to provide documentation and explanations relevant to the case. According to the Commission, the responses received were critically analyzed, and interviews were conducted with the concerned individuals.
According to the ICPC, its strength of investigation revealed that the total money received by NELFUND as of March 19, 2023, 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, N71.9B was from the Tertiary Education Trust Fund, while another N71.9 billion was also from the same Tertiary Education Trust Fund.”
ICPC, however, found that the total amount disbursed to institutions from inception to date is about N44,200,933,649.00, while a total of 299 institutions have benefited from the funds released.
To date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students having benefited from the fund.
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.
Further updates will be provided as the investigation progresses.
Signed
Demola Bakare, fsi
Director, Public Enlightenment and Education/
Spokesperson for the Commission
