By Tochukwu Bliss, Abuja
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), today, said it has confirmed discrepancies in the administration of the Nigeria Education Loan Fund (NELFUND).
The confirmation follows a call, Tuesday, by the Centre for Anti-Corruption and Open Leadership (CACOL), on the Economic and Financial Crimes Commission (EFCC), and ICPC, to investigate universities’ alleged fraudulent deductions from student loans.
The ICPC’s Director, Public Enlightenment and Education, Demola Bakare, in a statement in Abuja, said by this confirmation, the Commission will also extend its investigation to beneficiary institutions and individual student recipients.
Mr Bakare admitted that ICPC had earlier investigated the alleged discrepancies surrounding the disbursement of student loans under the NELFUND, following a media report alleging that about 51 tertiary institutions were implicated in illegal deductions and exploitation in the scheme.
He said the institutions were alleged to have made unauthorised deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.
He added that preliminary findings revealed a significant gap in the financial records of the disbursement process of the fund.
According to him, while the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion.
Mr Bakare said the ICPC Chairman’s special task force immediately swung into action upon receiving the report by sending letters of investigation and invitations to key stakeholders.
Among those communicated were the Director-General, f the Budget Office; the Accountant-General of the Federation; and senior officials from the Central Bank of Nigeria (CBN).
Similarly, the Chief Executive Officer and Executive Directors of NELFUND were also invited to provide documentation and explanations relevant to the case.
The total money received by NELFUND as of March 19, 2024, was N203.8 billion… Till date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students having benefited from the fund.
Mr Bakare said further that the responses received were critically analysed, and interviews were conducted with the concerned individuals.
He informed that the total money received by NELFUND as of March 19, 2024, was N203.8 billion.
He added: “The breakdown showed that N10 billion was an allocation from the Federation Allocation Account Committee, N50 billion was from the Economic and Financial Crimes Commission, and N71.9 billion was from the Tertiary Education Trust Fund.
“Another N71.9 billion was also from the same Tertiary Education Trust Fund.
“The ICPC, however, found that the total amount disbursed to institutions from inception to date is about N44,200,933,649.00, while a total of 299 institutions have benefited from the funds released.
“Till date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students having benefited from the fund.”
Call for investigation
CACOL, in its call for investigation, had strongly condemned the alleged illegal deductions from student loans by 51 universities.
In its statement, the pro-governance group said: “We are deeply disturbed by these reports and call for an immediate probe into the matter.
“The student loan scheme was created to empower young Nigerians, not to be exploited by institutions for unjust enrichment. This is a betrayal of trust and a disservice to the future of our nation.
“The Federal Ministry of Education, the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices Commission (ICPC) must urgently investigate these allegations and hold accountable any institution found culpable.”
It urged the universities to be transparent and accountable, adding that the institutions “involved must publicly clarify the nature of these deductions and refund affected students without delay.”
CACOL, therefore, called on the government to “implement stricter oversight mechanisms to prevent further exploitation of student loan beneficiaries by Universities and their officials.”
It also affirmed its “solidarity with affected students and urge swift action to rectify this injustice.”
