Urgent Clarification and Admission of Error
Unintentionally, the word “NOT” was missing in the second to the last paragraph of our earlier press release in respect of an ongoing investigation regarding Student Loan Scheme. The missing word created an erroneous impression that the alleged discrepancies or diversion has been established. We admit that this is not the case, indeed we accept that the same part of the sentence also contradicted the whole paragraph.
The paragraph ought to 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 avoidance of doubts, the Commission has only established the total amount of funds received and disbursed so far by NELFUND. The impression of diversion and the issue of discrepancies do not exist at this stage; the investigation would have to move into the receiving institutions and persons before any reasonable deductions could be made.
It is hereby reiterated that the commission does not engage in media trials nor does it usurp the power of the judiciary to indict persons or organisations. The general public is urged to exercise patience as thorough investigations require time and ample resources…
The earlier error, though already corrected on our Website, is regretted. Our investigations are still ongoing, and there are no indictments yet!
Demola Bakare fsi anipr.
Earlier, the ICPC said: “Preliminary findings revealed a significant gap in the financial records of the disbursement process. While the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion.”
Read Below (as posted by ICPC):
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.
Preliminary findings revealed a significant gap in the financial records of the disbursement process. While the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion.
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, 2024, was N203.8 billion.
*Urgent Clarification and Admission of Error*
— ICPC Nigeria (@icpcnigeria) May 1, 2025
Unintentionally, the word "NOT" was missing in the second to the last paragraph of our earlier press release in respect of an ongoing investigation regarding Student Loan Scheme. The missing word created an erroneous impression that… pic.twitter.com/yJdv5SqbDe
