The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has admitted to making a mistake in its earlier statement that alleged financial discrepancies in the disbursement of student loans by the Nigerian Education Loan Fund (NELFUND).
In the initial statement issued on Thursday by its spokesperson, the ICPC claimed that approximately N71 billion out of N100 billion allocated for student loans was unaccounted for. However, NELFUND promptly refuted the allegation, labeling the report as “false, grossly irresponsible, and damaging” to the credibility of the loan programme.
In a follow-up clarification, the ICPC retracted its earlier claim. Speaking during an interview with BBC Hausa on Friday, ICPC Chairman Musa Aliyu explained that the confusion stemmed from a miscommunication.
According to Aliyu, the ongoing investigation is not directed at NELFUND, but rather at certain universities suspected of mishandling tuition funds transferred to them.
“NELFUND transfers tuition fees directly to schools and sends living allowances directly to students. These transactions occur simultaneously,” he said.
Aliyu noted that some students have complained that, despite receiving their living allowances, their schools claim not to have received the corresponding tuition payments. Others reported being overcharged by their institutions.
He emphasized that no funds have been reported missing from NELFUND itself. “The investigation focuses on how schools are handling the funds sent to them—not on NELFUND. It was a mistake, and we’ve come forward to set the record straight,” he added.
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