The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has clarified that it has not uncovered any discrepancies or diversions in the disbursement of student loans administered by the Nigeria Education Loan Fund (NELFUND).
This clarification was contained in a statement issued on Thursday by the ICPC spokesperson, Demola Bakare, who noted that a typographical error in an earlier press release had led to a misinterpretation of the commission’s findings.
“Unintentionally, the word ‘NOT’ was missing in the second-to-last paragraph of our earlier press release regarding an ongoing investigation into the Student Loan Scheme,” Bakare explained. “The omission created the false impression that the ICPC had already established the existence of discrepancies or diversion of funds.”
According to the commission, the investigation into the NELFUND scheme is still in its early stages. So far, it has only determined the total funds received and disbursed by the agency. No evidence of irregularities has been established.
“The impression of diversion and the issue of discrepancies do not exist at this stage,” the statement read. “The investigation would need to progress into examining the receiving institutions and individuals before any definitive conclusions can be drawn.”
The probe was initiated following media reports alleging that 51 tertiary institutions were implicated in illegal deductions tied to the student loan scheme.
The ICPC reaffirmed its commitment to a thorough and transparent investigation, stating that it would continue its inquiry by reviewing the conduct of beneficiary institutions and student recipients before reaching any final assessments on the scheme’s integrity.
 has clarified that it has not uncovered any discrepancies or diversions in the disbursement of student loans administered by the Nigeria Education Loan Fund (NELFUND).){kind=link}