US EditionNigeria: ICPC Probes Discrepancies in Student Loan Funds Disbursement
- The ICPC announced on Thursday in Abuja that ₦71.2 billion intended for student loans under NELFUND remains unaccounted for after ₦28.8 billion was disbursed.
- Preliminary investigations revealed that universities received ₦100 billion released by the federal government but reportedly diverted ₦71.2 billion through unauthorized deductions and poor administration.
- The ICPC is investigating 299 beneficiary institutions and nearly 293,178 students, examining loan disbursement records and allegations of illegal charges ranging from ₦3,500 to ₦30,000.
- Demola Bakare stated, "We've got the edge," describing critical analysis of documentation and ongoing interviews with officials including NELFUND's CEO and senior government officers.
- NELFUND dismissed the allegations as baseless, assuring total transparency through a fully automated system, while the investigation continues to highlight accountability demands in higher education funding.
28 Articles
28 Articles
ICPC uncovers ₦71.2bn discrepancy in student loan disbursement - NELFUND reacts
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has revealed that a staggering ₦71.2 billion out of ₦100 billion allocated for student loans has not reached its intended beneficiaries—students in Nigeria’s tertiary institutions—raising alarm over possible large-scale diversion of public funds. Demola Bakare, spokesperson for the ICPC, told journalists in Abuja on Thursday that preliminary investigations had uncover…
N71.2bn out of N100bn disbursed for student loan diverted - ICPC - Daily Trust
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), on Thursday, revealed that only N28.8 billion was disbursed to students in various tertiary institutions instead of N100 billion released to the schools. The anti-graft agency specifically said its preliminary investigations have uncovered that not less than N71.2 billion have been diverted by the management of different universities who had taken custody of funds. T…
NELFUND Refutes N71.2bn Student Loan Disbursement Fraud
By Adedapo Adesanya The Nigerian Education Loan Fund (NELFund) has denied claims of mismanagement in disbursing student loan funds. This development comes after the Independent Corrupt Practices and Other Related Offences Commission (ICPC) said it was investigating alleged corruption in the disbursement of the funds. In a statement by the fund’s Director of Strategic Communications, […]
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