The Independent Corrupt Practices and Other Related Offences Commission has initiated a thorough investigation into alleged financial irregularities in the Nigeria Education Loan Fund, focusing on a reported N71.2 billion shortfall in student loan disbursements.

The ICPC announced on Thursday that it has summoned NELFUND’s Chief Executive Officer, Akintunde Sawyerr, Central Bank of Nigeria officials, and other key stakeholders to provide clarity on the discrepancies.

The probe follows a media exposé implicating 51 tertiary institutions in illegal deductions and exploitation tied to the student loan scheme.

These institutions were accused of making unauthorized deductions ranging from ₦3,500 to ₦30,000 from each student’s institutional fees paid through the loan fund.

Preliminary investigations by ICPC revealed significant discrepancies in the financial records related to the disbursement process.

The Commission emphasized that while the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted balance of N71.2 billion.

The Commission confirmed that its Chairman’s Special Task Force immediately swung into action upon receiving the report.

Letters of investigation and official invitations were issued to key stakeholders, including the Director-General of the Budget Office, the Accountant-General of the Federation, and senior officials of 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,” the Commission added.

The ICPC stated that all responses received were thoroughly analyzed, and interviews were conducted with the relevant individuals.

According to the Commission, its investigation revealed that the NELFUND received a total sum of ₦203.8 billion.

“The breakdown showed that N10 billion was an allocation from the Federation Allocation Account Committee, N50 billion came from the Economic and Financial Crimes Commission, and N71.9 billion was received twice from the Tertiary Education Trust Fund,” the statement partly reads.

However, the ICPC disclosed that a total of ₦44,200,933,649.00 has been disbursed to institutions from inception to date, with 299 institutions benefiting from the released funds.

“To date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students benefiting from the fund,” the Commission added.

The ICPC asserted that the findings point to clear inconsistencies in the management of the student loan scheme.

The Commission also stated that the scope of the investigation will now include beneficiary institutions as well as individual student recipients.

It assured that further information will be communicated as the investigation unfolds.

The Nigerian Education Loan Fund was signed into law by President Bola Tinubu on April 3, 2024, marking a significant milestone toward promoting sustainable higher education and skill development for Nigerian students and youth.

Its core mandate is to offer financial assistance to eligible Nigerians to cover tuition, fees, and living expenses at accredited tertiary and vocational institutions across the country.