Student loan: ICPC backtracks, says no fraud case against NELFUND yet

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that an investigation is ongoing into the reported cases of deductions from student loans disbursed by the Nigerian Education Loan Fund (NELFUND) to beneficiary institutions.

However, the Commission clarified that it had made an error in an earlier statement, which erroneously suggested it had discovered discrepancies in the disbursement of funds by NELFUND.

The clarification was made in a statement posted on the ICPC website by Demola Bakare, stating, “Unintentionally, the word ‘NOT’ was missing in the second-to-last paragraph of our earlier press release regarding the ongoing investigation into the Student Loan Scheme.”

“The missing word created an erroneous impression that alleged discrepancies or diversion had been established,” the statement continued. “We admit that this is not the case. Indeed, we acknowledge that the same part of the sentence contradicted the entire paragraph.”

The paragraph should have 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.”

“For the avoidance of doubt, the Commission has only established the total amount of funds received and disbursed by NELFUND so far. The impression of diversion and discrepancies does not exist at this stage; the investigation will extend to the receiving institutions and individuals before any reasonable conclusions can be drawn,” the Commission stated.

It was reiterated that the Commission does not engage in media trials nor does it assume the judiciary’s role in indicting individuals or organizations.

The public was urged to be patient, as thorough investigations require time and resources. Individuals with valuable information were encouraged to reach out to the Commission via info@icpc.gov.ng.

“The earlier error, although corrected on our website, is regrettable. Our investigations are still ongoing, and there are no indictments yet!” the Commission stated.

Meanwhile, the leadership of the National Association of Nigerian Students (NANS) insisted that any Vice-Chancellors of universities, Rectors of Polytechnics, and Provosts of Colleges of Education found guilty during the investigation by anti-graft agencies should be dismissed.

NANS President, Comrade Olusola Oladoja, speaking on the development, told Nigerian Tribune that those indicted must face legal consequences.

He emphasized that the establishment of NELFUND and the introduction of student loans had been one of the key policies that endeared the current administration to students, and the student body would do everything it could to protect the institution.

Oladoja revealed that NELFUND, as part of its broader investigation into the allegations of loan deductions by some institutions, had invited student leaders from the affected institutions to provide clear accounts of their experiences regarding loan disbursement.

On its part, NELFUND welcomed the ICPC’s clarifications, reaffirming its commitment to transparency and public accountability in managing the Fund.

Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, stated, “NELFUND acknowledges the public clarification issued by ICPC, admitting errors in its earlier communication regarding the Fund’s financial records and disbursement.”

“We commend the ICPC for its professionalism in promptly correcting the record and clarifying that no case of fraud or mismanagement has been established against NELFUND,” she said.

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“This public correction affirms what we have consistently maintained: that NELFUND’s operations are fully digital, data-driven, and transparent; that no kobo is missing, and all funds remain accounted for within the framework of our rigorous approval, verification, and disbursement processes. We are in full compliance with all oversight protocols and regulatory reporting requirements.”

“As a publicly funded institution, NELFUND welcomes scrutiny and remains open to collaboration with anti-corruption agencies, auditors, the media, and the general public. However, we strongly urge all stakeholders to ensure factual accuracy and responsible reporting when covering matters of national importance.”

“We remain steadfast in our mission to provide fair, accessible, and sustainable financing for millions of Nigerian students, while upholding the highest standards of institutional integrity and public trust,” the statement concluded.