The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has issued a clarification, admitting an error in its earlier statement regarding the alleged diversion of funds meant for the Nigerian student loan scheme.
In a follow-up release titled “Urgent Clarification and Admission of Error,” the Commission acknowledged that an omission—the word “NOT”—in its earlier report had led to widespread misunderstanding. The original version, it said, had erroneously implied that discrepancies or diversion of student loan funds had already been established.
“The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme,” the statement by Demola Bakare reads.
The ICPC emphasized that its investigation remains ongoing and has, so far, only verified the total amount of funds received and disbursed by the Nigerian Education Loan Fund (NELFUND). The probe will now proceed to examine receiving institutions and individual student beneficiaries.
“The impression of diversion and the issue of discrepancies do not exist at this stage; the investigation would have to move into the receiving institutions and persons before any reasonable deductions could be made,” the Commission stated.
ICPC stressed that it does not conduct media trials or usurp the role of the judiciary in indicting individuals or organizations.
Meanwhile, in a detailed statement issued earlier, NELFUND refuted claims of misappropriation following the ICPC’s earlier disclosure.
The Commission had initially alleged that of the ₦100 billion released for student loans, only ₦28.8 billion had been disbursed, with ₦71.2 billion reportedly unaccounted for—leading to an investigation into several institutions and fund managers.
However, NELFUND, through its Director of Strategic Communications, Oseyemi Oluwatuyi, dismissed the reports as baseless and damaging to the institution’s credibility.
“These reports, which suggest misappropriation and mismanagement of funds, are entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians,” the statement read.
“This is a coordinated distortion of facts that undermines public trust, weaponizes misinformation, and threatens the credibility of a national intervention still in its infancy.”
According to NELFUND, all tuition fees are paid directly to verified institutions, while upkeep allowances are transferred to students’ verified bank accounts. “No funds have been mismanaged, stolen, or are unaccounted for under the current NELFUND student loan scheme,” the agency asserted.