The Independent Corrupt Practices and Other Related Offences Commission has clarified that it has not found any evidence of discrepancies or fund diversion in its ongoing investigation of the Student Loan Scheme administered by NELFUND.

This statement, published on the ICPC’s website, comes after an earlier announcement that it had launched a probe into alleged irregularities in loan disbursement.

The Commission admitted that an earlier statement mistakenly omitted the word “NOT,” which created the false impression that fraud had already been uncovered.

“Unintentionally, the word ‘NOT’ was missing in the second-to-last paragraph of our earlier press release in respect of an ongoing investigation regarding the Student Loan Scheme. The missing word created an erroneous impression that the alleged discrepancies or diversion had 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,” the statement read.

It further stated that the only verified information at this point is the total sum of funds received and disbursed 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,” they explained.

The Commission reiterated its dedication to following due process and clarified that it refrains from making premature indictments against any individual or institution.

“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,” they noted.

It was earlier reported that the Independent Corrupt Practices and Other Related Offences Commission had initiated an investigation after a media report alleged that 51 tertiary institutions were involved in unauthorized deductions from students’ loans.

Although the Federal Government reportedly allocated N100 billion for the programme, the Commission disclosed that only N28.8 billion has been disbursed to students, leaving a balance of N71.2 billion unaccounted for.

As part of its inquiry, the ICPC has summoned NELFUND CEO Akintunde Sawyerr, officials from the Central Bank of Nigeria, and others for questioning.

However, NELFUND denied any wrongdoing, clarifying that the figures being circulated online pertain to earlier education finance initiatives that predate its official launch in 2024 and are unrelated to the current loan scheme.

The agency explained that institutional fees are paid directly to verified institutions, while student allowances are transferred to verified bank accounts.

It emphasized that its operations are fully automated, timestamped, and digitally tracked to prevent human interference.