The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has opened a full-scale investigation into suspected irregularities in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).
The move comes amid growing concerns about transparency and accountability in the newly implemented loan scheme, which was introduced to support students from low-income families across Nigeria in accessing higher education.
In a statement made available to the press, the ICPC disclosed that its preliminary findings had revealed discrepancies in the loan processing and disbursement procedures. While details remain under wraps due to the ongoing investigation, the Commission confirmed that it is reviewing documents, auditing transactions, and questioning relevant stakeholders connected to NELFUND operations.
Sources within the ICPC hinted at possible issues including double disbursements, funds allegedly diverted to non-eligible applicants, and lapses in the verification processes by institutions and administrators overseeing the loan program.
The Nigeria Education Loan Fund was launched as a strategic initiative by the federal government to ease the burden of tuition and living expenses for Nigerian students, with the aim of increasing access to higher education and reducing dropout rates.
ICPC emphasized its commitment to ensuring that public funds are utilized for their intended purpose, especially in sectors as critical as education. “We are determined to uphold integrity and accountability in the management of this fund. Any individual or institution found culpable will be prosecuted in accordance with the law,” the Commission stated.
The Commission also called on whistleblowers, students, and educational institutions to cooperate with the investigation and report any suspicious activities related to the loan scheme.
As the probe continues, stakeholders in the education sector have welcomed the investigation, urging the federal government and its agencies to ensure that the student loan scheme does not become another avenue for financial mismanagement.