The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has issued a clarification regarding an earlier statement that inaccurately implied financial discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).
In a revised statement on Thursday, ICPC spokesman Demola Bakare explained that a critical typographical error specifically, the omission of the word “not” led to public misunderstanding about the integrity of the student loan scheme.
The original release, titled “ICPC Launches Comprehensive Investigation into Discrepancies in Student Loan Disbursement”, suggested that the commission had already uncovered irregularities in the allocation of student loans to tertiary institutions and beneficiaries. However, Bakare later clarified that no such findings have been made at this stage of the investigation.
“Unintentionally, the word ‘not’ was missing in the second-to-last paragraph of our earlier press release,” Bakare stated. “This omission contradicts the central message of the statement and created the erroneous impression that discrepancies or diversions have already been established.”
He stressed that while the ICPC had acknowledged a recent media report alleging exploitation and illegal deductions by 51 tertiary institutions, the agency has so far only confirmed the amount of funds received and disbursed by NELFUND—not any wrongdoing.
“The investigation is still at a preliminary stage,” Bakare said. “We are now focusing on the institutions and individual recipients to assess the actual flow and usage of the funds. Only after this phase can any reasonable conclusions be drawn.”
The clarification comes amid heightened public scrutiny of Nigeria’s new student loan system, which was launched to expand access to higher education through government-backed financing. NELFUND has consistently maintained that its operations are transparent and accountable.
While reaffirming its commitment to uncovering any potential abuse of public funds, the ICPC urged the public and media to rely on verified information as investigations continue.
