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Education Ministry Summons VCs, NELFUND Boss Over Alleged ₦71bn Loan Scandal
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a detailed investigation into financial irregularities in the administration of the Nigeria Education Loan Fund (NELFUND), after allegations surfaced regarding the mismanagement of ₦100 billion allocated for student loans.....KINDLY READ THE FULL STORY HERE▶
Preliminary ICPC findings revealed that while ₦100bn was earmarked by the Federal Government, only ₦28.8bn was disbursed to students, leaving over ₦71.2bn unaccounted for—triggering outrage from stakeholders.
The National Orientation Agency earlier claimed that several tertiary institutions, in collusion with certain banks, intentionally delayed disbursements to earn profit through interest. Additionally, unauthorized deductions ranging from ₦3,500 to ₦30,000 were reportedly made from students’ funds.
In a statement on Thursday, ICPC spokesperson Demola Bakare confirmed that a special task force had been activated to probe these discrepancies. The task force has already issued letters of investigation and summoned key stakeholders, including officials from the Budget Office, Central Bank of Nigeria, and the Accountant General’s office.
Further scrutiny revealed that NELFUND received a total of ₦203.8bn as of March 2023, sourced from allocations by FAAC (₦10bn), the EFCC (₦50bn), and TETFUND (₦143.8bn). However, only about ₦44.2bn has been disbursed to 299 institutions benefiting 293,178 students, leaving approximately ₦159.6bn yet to be distributed.
Though ICPC has not confirmed the missing status of the remaining funds, Bakare emphasized that a “clear case of discrepancies” has been established, and investigations are now expanding to cover both institutional and individual beneficiaries.
Reacting to the revelations, the National Association of Nigerian Students (NANS) threatened nationwide protests unless the alleged discrepancies are resolved. NANS Public Relations Officer, Samson Adeyemi, described the situation as “an attack on the future of Nigerian students” and demanded immediate accountability.
Meanwhile, the Federal Ministry of Education announced an emergency meeting scheduled for May 6, 2025, to address the growing scandal. The meeting will involve vice-chancellors of implicated institutions and the Managing Director of NELFUND, with a goal of ensuring transparency and upholding the ministry’s zero-tolerance stance on financial malpractice.
The Academic Staff Union of Universities (ASUU), which has consistently criticized the student loan initiative, said the findings confirm their longstanding concerns.
“We saw this coming,” said ASUU National President, Prof. Victor Osodeke. “We warned it would be another opportunity to loot public funds. Now we’ve been vindicated.”
The situation remains tense as students, institutions, and government officials brace for the outcome of what may become a defining test of transparency in Nigeria’s higher education funding.
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Currency Watch: Dollar Holds Firm Against Naira At ₦1,378 Amid Economic Uncertainty!.
On June 26, 2026, the dollar-to-naira exchange rate at the Lagos parallel market, commonly referred to as the black market, saw sellers offering the dollar at ₦1402, while buyers were purchasing it at ₦1391, according to Bureau De Change (BDC) sources. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize this market and advises individuals to conduct foreign exchange transactions through their respective banks.....KINDLY READ THE FULL STORY HERE▶
Additionally, the CBN’s official rates for the same period ranged from a high of ₦1385 to a low of ₦1376. Please be aware that actual transaction prices may vary and might differ from the figures provided in this report.
Exchange Rate Summary (June 26, 2026)
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Parallel Market (Selling): ₦1402
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Parallel Market (Buying): ₦1391
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CBN Official Rates: ₦1376 – ₦1385
What specific aspect of the current foreign exchange market or its impact on consumer trends would you like to discuss further?
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Betrayal Exposed? Faction Demands Police Probe Into Fraudulent Leadership Claims Sent To INEC!.
The legal firm Ogbeide Associates, representing a faction of the Peoples Democratic Party (PDP), has submitted a petition to the Inspector-General of Police (IGP), Tunji Disu, requesting a formal investigation into PDP secretary Samuel Anyanwu and factional National Chairman Abdulrahman Mohammed.....KINDLY READ THE FULL STORY HERE▶
Key aspects of the petition include:
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Allegations of False Representation: The petition challenges a November 3, 2025, letter sent to the Independent National Electoral Commission (INEC) which falsely claimed that the PDP National Working Committee (NWC) had replaced acting national chairman Ambassador Umar Iliya Damagum with Mohammed.
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Contradictory NWC Records: Petitioners assert that the NWC’s November 1, 2025, emergency meeting actually resulted in the suspension of Anyanwu and three other officers due to alleged anti-party activities, and no record exists to support the claim that Damagum was suspended or Mohammed appointed.
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Legal Precedents: The lawyers referenced an October 10, 2024, Federal High Court judgment that recognizes Damagum as the acting national chairman and prohibits INEC from accepting documents without his signature. Furthermore, they noted that the Court of Appeal upheld the NWC’s suspension of Anyanwu on March 9, 2026.
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Call for Institutional Review: The petitioners have requested that the IGP investigate how INEC processed the contested November 3 letter despite being aware of the existing court orders and the NWC’s official resolutions.
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Stated Objective: Counsel for the petitioner emphasized that the action is intended to address the integrity of public institutions and prevent the use of misleading internal party documentation, noting their readiness to provide supporting court judgments and party records to the police.
Latest News
The Drama Of 2026! Turkey Goes Home Fighting While Ivory Coast And Australia Advance to Knockouts!
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Turkey vs. USA: Despite Turkey securing a dramatic 3-2 victory—their first World Cup win since 2002—they were eliminated from the tournament. The USA, despite the loss, qualified for the Round of 32 and is set to face Bosnia-Herzegovina on July 2.....KINDLY READ THE FULL STORY HERE▶
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Ivory Coast’s Historic Qualification: Ivory Coast advanced to the knockout stage for the first time in their history after defeating Curacao 2-0, with Nicolas Pepe scoring both goals. This result secured them second place in Group E with six points.
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Australia and Paraguay: Australia qualified for the Round of 32 as Group D runners-up following a 0-0 draw with Paraguay. Paraguay’s result keeps them in contention to progress as one of the best third-placed teams.
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Sweden and Japan: Sweden earned a 1-1 draw against Japan, with Anthony Elanga’s strike securing them a spot in the knockout stage as one of the best third-place finishers. Japan advanced as the runners-up of Group F.
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Netherlands vs. Tunisia: The Netherlands defeated Tunisia 3-1, confirming their position at the top of Group F. The Dutch will face Morocco in the next round, while Tunisia was eliminated after failing to earn a point in their three group matches.
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