Abuja – The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a comprehensive investigation into alleged mismanagement of the Nigeria Education Loan Fund (NELFUND), following revelations that only ₦28.8 billion out of ₦100 billion allocated for student loans was disbursed to students.
In a statement released on Thursday, May 1, 2025, ICPC spokesperson Demola Bakare said the probe was prompted by widespread reports of unauthorized deductions and exploitation by 51 tertiary institutions under the loan scheme.
According to Bakare, the institutions allegedly deducted between ₦3,500 and ₦30,000 from students’ fees that were meant to be fully covered by the loan facility.
Preliminary findings show that ₦71.2 billion from the ₦100 billion fund remains unaccounted for, raising serious concerns about transparency and accountability in the disbursement process.
In response, the ICPC’s Chairman’s Special Task Force has issued investigation letters and invited key stakeholders for questioning, including the Director General of the Budget Office, the Accountant General of the Federation, and senior Central Bank of Nigeria (CBN) officials.
Top officials from NELFUND, including the Chief Executive Officer and Executive Director, were also summoned to provide detailed documentation.
The ICPC revealed that as of March 19, 2024, NELFUND had received a total of ₦203.8 billion from multiple sources:
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₦10 billion from the Federation Allocation Account Committee,
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₦50 billion from the Economic and Financial Crimes Commission (EFCC),
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₦71.9 billion (twice) from the Tertiary Education Trust Fund (TETFund).
Despite the vast inflow, only ₦44.2 billion has reportedly been disbursed to 299 tertiary institutions, benefitting 293,178 students in total.
The anti-corruption agency confirmed that significant discrepancies have been established and said the investigation would now focus on both institutional administrators and individual student beneficiaries.
“Further updates will be provided as the investigation progresses,” the statement concluded.
