The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has walked back its earlier implication of financial discrepancies within the Nigerian Education Loan Fund (NELFUND), clarifying that no fraud or diversion has been established so far in its ongoing investigation into the administration of student loans.
The Commission admitted to an error in its prior press release, which suggested that discrepancies had been found in the disbursement of funds. In a follow-up statement signed by Demola Bakare and posted on the ICPC website, the agency explained that a critical word was omitted in the initial release, leading to a misunderstanding.
“Unintentionally, the word ‘NOT’ was missing in the second-to-last paragraph of our earlier press release regarding the ongoing investigation into the Student Loan Scheme,” the Commission stated.
“The missing word created an erroneous impression that alleged discrepancies or diversion had been established. We admit that this is not the case. Indeed, we acknowledge that the same part of the sentence contradicted the entire paragraph.”
The corrected version of the paragraph reads: “The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.”
Reiterating its position, the ICPC stated: “The impression of diversion and discrepancies does not exist at this stage; the investigation will extend to the receiving institutions and individuals before any reasonable conclusions can be drawn.”
The Commission emphasized that it does not engage in media trials or assume the judiciary’s role in making indictments. It also urged the public to exercise patience as investigations unfold, encouraging individuals with relevant information to reach out via info@icpc.gov.ng.
“The earlier error, although corrected on our website, is regrettable. Our investigations are still ongoing, and there are no indictments yet!” it concluded.
In reaction to the update, the National Association of Nigerian Students (NANS) maintained a firm stance that any university Vice-Chancellors, Polytechnic Rectors, or College of Education Provosts found guilty of wrongdoing during the investigation should be dismissed.
NANS President, Comrade Olusola Oladoja, told the Nigerian Tribune: “Those indicted must face legal consequences.”
He noted that the establishment of NELFUND and the student loan policy had earned the current administration goodwill from Nigerian students, and that NANS would protect the integrity of the initiative.
Oladoja also revealed that NELFUND had invited student leaders from affected institutions to provide testimony and clarity on the disbursement process.
On its part, NELFUND welcomed ICPC’s clarification. Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, stated: “NELFUND acknowledges the public clarification issued by ICPC, admitting errors in its earlier communication regarding the Fund’s financial records and disbursement.”
“We commend the ICPC for its professionalism in promptly correcting the record and clarifying that no case of fraud or mismanagement has been established against NELFUND.”
She reassured the public of the Fund’s integrity: “This public correction affirms what we have consistently maintained: that NELFUND’s operations are fully digital, data-driven, and transparent; that no kobo is missing, and all funds remain accounted for within the framework of our rigorous approval, verification, and disbursement processes.”
“As a publicly funded institution, NELFUND welcomes scrutiny and remains open to collaboration with anti-corruption agencies, auditors, the media, and the general public. However, we strongly urge all stakeholders to ensure factual accuracy and responsible reporting when covering matters of national importance.”
“We remain steadfast in our mission to provide fair, accessible, and sustainable financing for millions of Nigerian students, while upholding the highest standards of institutional integrity and public trust.”
As investigations continue, stakeholders await the outcomes with cautious optimism, hopeful that transparency and accountability will remain at the forefront of Nigeria’s student loan revolution.
