ICPC Launches Probe Into £159.6bn Unaccounted Student Loans In Nigeria.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated a thorough investigation into alleged financial discrepancies involving £159.6 billion in unaccounted student loans under the Nigeria Education Loan Fund (NELFUND). The probe targets 51 tertiary institutions across Nigeria, accused of making unauthorised deductions from student loan disbursements.
In a statement released on Thursday, ICPC spokesperson Demola Bakare revealed that the institutions allegedly deducted between £3,500 and £30,000 from each student’s institutional fees, which were funded through the NELFUND scheme. These actions have raised concerns about exploitation and mismanagement within the programme, designed to support Nigerian students in accessing higher education.
Preliminary findings by the ICPC uncovered a significant shortfall in the financial records of the loan disbursement process. Although the Federal Government reportedly allocated £100 billion to the scheme, only £28.8 billion was disbursed to students, leaving a staggering £71.2 billion unaccounted for. Further investigations revealed that NELFUND received a total of £203.8 billion as of 19 March 2024, with funds sourced from multiple channels: £10 billion from the Federation Allocation Account Committee, £50 billion from the Economic and Financial Crimes Commission, and two tranches of £71.9 billion each from the Tertiary Education Trust Fund.
Despite these substantial allocations, only £44.2 billion has been disbursed to 299 beneficiary institutions, benefiting 293,178 students. The ICPC has identified “clear discrepancies” in the administration of the scheme and has vowed to expand its investigation to include both the implicated institutions and individual student recipients.
The Commission’s Chairman’s Special Task Force has already taken swift action, dispatching letters of investigation 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 have been summoned to provide documentation and clarifications. Responses have been critically analysed, and interviews with relevant individuals are ongoing.
Bakare emphasised the ICPC’s commitment to uncovering the full extent of the discrepancies, stating, “Further updates will be provided as the investigation progresses.” The probe underscores the Commission’s determination to ensure transparency and accountability in the management of public funds, particularly in a scheme intended to empower Nigerian youth through education.
The revelations have sparked widespread concern, with anti-corruption groups and the public calling for swift action to address the alleged mismanagement. The ICPC’s investigation is expected to shed light on the root causes of the financial gaps and hold those responsible to account, ensuring the NELFUND scheme fulfills its mission to support Nigeria’s students.