The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has denied earlier reports of a major financial discrepancy in the disbursement of funds under the Nigeria Education Loan Fund (NELFUND), clarifying that no conclusive evidence of diversion has yet been established.
In a press statement issued Friday, ICPC admitted that a critical error in its initial announcement led to widespread misunderstanding.
The Commission explained that the omission of the word “NOT” in a key paragraph created the false impression that it had already confirmed massive diversion of student loan funds by tertiary institutions.
The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients,” corrected paragraph now reads.
The Commission emphasised that while it has so far verified the total amount of funds received and disbursed by NELFUND, no conclusion has been reached regarding any financial irregularities or misappropriation.
Earlier reports had indicated that only N28.8 billion out of N100 billion released by the Federal Government was disbursed to students, with a staggering N71.2 billion allegedly unaccounted for—leading to intense media scrutiny and public concern.
ICPC spokesperson Demola Bakare had briefed journalists on the matter, sparking fears of systemic diversion by university administrators. However, the Commission now insists that these figures were only part of a preliminary financial trail analysis and that any assertion of fraud or mismanagement is premature.
For the avoidance of doubt, the Commission has only established the total amount of funds received and disbursed so far by NELFUND,” the statement read. “The impression of diversion and the issue of discrepancies do not exist at this stage.”
The commission said investigations are ongoing and will now focus on financial flows to recipient institutions and students to determine whether any wrongdoing occurred.
This clarification follows earlier concerns raised by the National Orientation Agency (NOA) and media reports alleging illegal deductions and manipulation of student loan funds by tertiary institutions. While those allegations prompted a swift response from ICPC, the agency now stresses that its role remains investigative, not judicial.
