ICPC Probes Missing N71.2 Billion in Student Loan Scheme, Summons CEO, CBN Officials

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched an investigation into the Nigerian Education Loan Fund (NELFUND) over unaccounted funds totaling N71.2 billion.

The probe is focused on discrepancies within the student loan disbursement process under the recently implemented scheme.

The ICPC revealed that it had invited the Managing Director of NELFUND, Mr. Akintunde Sawyerr, along with key officials from the Central Bank of Nigeria (CBN) and other relevant institutions, to provide clarifications on the matter.

According to the commission, preliminary findings indicate a significant mismatch between the amounts received and disbursed, raising questions about transparency and accountability in the fund’s management.

“This investigation is aimed at uncovering any financial mismanagement or potential diversion of funds meant to support Nigerian students,” the ICPC said.

The probe comes months after NELFUND confirmed the receipt of N50 billion from the Economic and Financial Crimes Commission (EFCC), which had recovered the money as part of proceeds from criminal activities. The fund was directed to bolster the student loan initiative aimed at easing access to education for underprivileged Nigerians.

In September 2024, NELFUND announced that it had disbursed N84.2 billion to students and institutions, covering both tuition and upkeep allowances. However, concerns have since emerged regarding the transparency of the disbursement process.

Earlier, the EFCC had publicly urged NELFUND to maintain integrity in the administration of the loan scheme, stressing the need for accountability in the use of public funds.

Stakeholders have welcomed the ICPC’s intervention, noting that the credibility of the student loan scheme—and the government’s broader educational reform agenda—depends on strict adherence to financial probity.

The ICPC has assured the public of a thorough and unbiased investigation, pledging to hold anyone found culpable accountable in accordance with the law. More updates are expected as hearings and audits progress in the coming weeks.