By Emmanuel Nduka
After earlier claiming that the sum of N71.2billion was missing from the Nigerian Education Loan Fund (NELFUND), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has issued a “clarification” statement, explaining that it made an an error in an earlier press release regarding its ongoing investigation into the administration of the Student Loan Scheme.
The Nigerian Government reportedly released N100 billion for the programme, out of which the Commission claimed that only N28.8 billion reached the intended student beneficiaries — leaving a staggering N71.2 billion unaccounted for.
According to the Commission, the word “NOT” was mistakenly omitted in a key paragraph, leading to a misinterpretation that discrepancies or fund diversion had been confirmed. “The missing word created an erroneous impression that the alleged discrepancies or diversion has been established,” the ICPC acknowledged.
It said the corrected paragraph now reads: “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.”
The Commission clarified that so far, only the total funds received and disbursed by the Nigerian Education Loan Fund have been established. “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,” the release stated.
Reaffirming its commitment to due process, the ICPC emphasized: “The commission does not engage in media trials nor does it usurp the power of the judiciary to indict persons or organisations.”
The Commission urged citizens to be patient as the investigation progresses. “Thorough investigations require time and ample resources,” the ICPC noted, encouraging anyone with relevant information to contact the Commission at [email protected].
“The earlier error, though already corrected on our Website, is regretted. Our investigations are still ongoing, and there are no indictments yet!” the statement posted on its official X handle concluded.
NELFUND Kicks
Debunking the allegations in a strong-worded statement signed on Thursday by Oseyemi Oluwatuyi, Director of Strategic Communications, NELFUND said it is “alarmed by the recent surge of inaccurate, misleading, and dangerously speculative reports circulating in the public space regarding the administration of the student loan scheme.”
NELFUND argued that the reports which suggest misappropriation and mismanagement of funds, are “entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians.”
“This is a coordinated distortion of facts that undermines public trust, weaponizes misinformation, and threatens the credibility of a national intervention still in its infancy.
“We wish to state the following, unequivocally:
1. No funds have been mismanaged, stolen, or are unaccounted for under the current NELFUND student loan scheme.
2. The scheme officially launched its student loan application portal in 2024. As of today, all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible student applicants.
3. The figures and funding amounts currently being misrepresented in the public are drawn from entirely different education financing interventions predating NELFUND’s operational commencement. They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution.
4. NELFUND operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct. Every application and disbursement is digitally tracked, time stamped, and verifiable.
5. Our commitment to transparency and cooperation with oversight agencies, including the ICPC, is total and unwavering. We have complied fully with every request for information and will continue to uphold the highest standards of public accountability.
“The circulation of unverified, context-free, and inflammatory claims at this critical stage of implementation is not only reckless, it is a deliberate sabotage of a nationally significant, people centered programme designed to expand access to tertiary education and economic mobility. We call on the media, stakeholders, and the public to resist the pull of sensationalism and await verified updates directly from NELFUND.
“We remain focused, undeterred, and committed to the transparent delivery of this national mandate. The future of Nigeria’s youth is too important to be hijacked by misinformation,” the statement read.
Launched In 2024
President Bola Tinubu officially launched the Nigerian Education Loan Fund in July 2024, with a strong promise that the scheme will thrive on “fairness and equity, and promote inclusiveness by removing the financial barrier to higher education for Nigerian students.”
Prominent Nigerian Businessman, Philanthropist, and Founder of Zenith Bank, Jim Ovia is the Chairman of the Fund, while Akintunde Sawyer, a Nigerian Diplomat and Education Advocate, serves as Managing Director.
