The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated a sweeping investigation into an alleged ₦71.2 billion discrepancy in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).
In a statement released Thursday, the ICPC disclosed that it had summoned key figures, including NELFUND Chief Executive Officer Akintunde Sawyerr, officials from the Central Bank of Nigeria (CBN), the Budget Office, and the Office of the Accountant-General, to provide clarifications and supporting documents.
The probe follows media reports that implicated at least 51 tertiary institutions in questionable deductions and irregularities tied to the student loan disbursement process.
According to the Commission, while ₦100 billion was reportedly released by the Federal Government to support the initiative, only ₦28.8 billion was initially accounted for as disbursed to students. Revised figures later confirmed that ₦44.2 billion had reached 293,178 students across 299 institutions—still leaving a significant shortfall of over ₦55 billion.
“The breakdown indicates ₦10 billion came from the Federation Allocation Account Committee (FAAC), ₦50 billion from recoveries by the EFCC, and ₦71.9 billion was transferred twice by TETFund,” the ICPC stated.
The agency noted that its Chairman’s Special Task Force acted immediately upon receiving the allegations, launching inquiries and conducting interviews with relevant officials. The investigation has now been expanded to cover both institutional beneficiaries and individual student recipients.
The ICPC affirmed its commitment to full transparency, pledging to hold accountable any individuals or institutions found complicit in mismanaging public funds.
