The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a comprehensive investigation into allegations of financial misconduct surrounding the disbursement of student loans from the Nigeria Education Loan Fund (NELFUND).
Initial findings from the commission indicate that while the Federal Government allocated N100 billion to the initiative, only N28.8 billion has been distributed to students, leaving a massive N71.2 billion unaccounted for.
The National Association of Nigerian Students (NANS) has pledged to take action, warning of a nationwide protest if the missing funds are not recovered.
The National Orientation Agency has also raised concerns about certain institutions and banks intentionally delaying student loan payments, potentially benefiting financially from the situation.
Recent reports have surfaced suggesting that as many as 51 universities may be involved in illegal deductions from student loans, with amounts ranging between N3,500 and N30,000 per student.
In a statement on Thursday, ICPC spokesperson Demola Bakare confirmed that the commission’s Special Task Force is investigating these allegations.
The ICPC also disclosed that the total funds received by NELFUND since its establishment amount to N203.8 billion, of which only N44.2 billion has been distributed so far. The remaining N159.6 billion is yet to be disbursed, though the commission has not yet classified this sum as missing.
The investigation is expanding to include universities, banks, and individual students implicated in the scheme, with key figures, such as the Director General of the Budget Office and officials from the Central Bank of Nigeria, being asked to provide explanations.
NANS has expressed deep concern over the mismanagement of funds designated for student welfare. Samson Adeyemi, the association’s National Public Relations Officer, condemned the situation as a betrayal of public trust and a direct assault on students’ futures. He called on the government to take immediate action and hold those responsible accountable.
In response to the scandal, the Minister of Education, Dr. Tunji Alausa, has scheduled a meeting with university vice-chancellors and other relevant officials for May 6, 2025, to discuss the issue and ensure full accountability.
The Ministry has reiterated its commitment to a zero-tolerance policy on financial misconduct within the education sector.
The Academic Staff Union of Universities (ASUU) has also expressed its concerns, with National President Prof. Victor Osodeke stating that the revelations come as no surprise.
He emphasized that the union had previously warned about corruption within the NELFUND system, and this situation has proven their concerns to be justified.
As the investigation unfolds, NANS has made it clear that failure to recover the missing funds will result in protests, as students demand justice for the harm caused to their education.
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