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.