The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced that its ongoing investigation into the Nigeria Education Loan Fund (NELFUND) will now cover beneficiary institutions and individual student recipients.

This follows media reports alleging that 51 tertiary institutions were involved in unauthorised deductions and exploitation related to the student loan scheme.

In a statement issued on Thursday, ICPC spokesperson and Director of Public Enlightenment and Education, Mr. Demola Bakare, said some institutions were accused of deducting between ₦3,500 and ₦30,000 from each student’s fees disbursed through the loan fund.

Preliminary findings, according to the Commission, revealed discrepancies in the financial records of the disbursement process. “While the Federal Government reportedly released ₦100 billion for the scheme, only ₦28.8 billion has so far been disbursed to students, leaving ₦71.2 billion unaccounted for,” the statement noted.

Following these revelations, the ICPC’s Chairman’s Special Task Force initiated an investigation. Letters of inquiry were sent to key stakeholders including the Director-General of the Budget Office, the Accountant-General of the Federation, and officials of the Central Bank of Nigeria.

The Chief Executive Officer and Executive Director of NELFUND were also invited to submit relevant documents and clarify the discrepancies. Their responses were critically reviewed, and interviews conducted.

The ICPC disclosed that as of 19 March 2024, NELFUND had received a total of ₦203.8 billion. The breakdown includes ₦10 billion from the Federation Allocation Account Committee, ₦50 billion from the Economic and Financial Crimes Commission, and ₦143.8 billion from the Tertiary Education Trust Fund (TETFund).

To date, the Commission reported that ₦44.2 billion has been disbursed to 299 institutions, benefiting 293,178 students.

While a definitive case of fraud has yet to be established, the ICPC said the scope of its investigation would now extend to institutions and students to ensure transparency and accountability.

“Further updates will be provided as the investigation progresses,” the statement added.