By Njoku Chijioke
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), has uncovered glaring discrepancies in the management of the student loan scheme operated by the Nigeria Education Loan Fund (NELFUND), revealing that over N71 billion is unaccounted for.
Preliminary findings indicate that only a fraction of the N100 billion released for the scheme can be traced, raising serious concerns over financial mismanagement and potential fraud.
The ICPC has since launched a full-scale investigation into both the beneficiary institutions and individual students.
At the heart of the probe are allegations of illegal deductions and systemic exploitation by no fewer than 51 tertiary institutions.
To deepen its inquiry, the anti-corruption body has engaged critical stakeholders, including the Budget Office and the Central Bank of Nigeria, to trace the movement of funds and identify gaps in accountability.
A senior official at the commission, who asked not to be named, confirmed that recovery efforts and possible prosecution would follow the outcome of the ongoing probe.
The shocking revelations have thrown NELFUND’s credibility into question and stirred public concern about the future of the student loan initiative.
