The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a massive investigation into the sharp practices by heads of institutions in the disbursement of loans by Nigerian Education Loan Fund (NELFUND) to 293,178 students in 299 institutions in the country.
The ICPC has also resolved to extend its investigation to the beneficiary institutions and students in order to establish a case of corruption and discrepancies in student loan disbursement by the heads of the institutions.
The Special Task Force of the ICPC disclosed the startling findings in its interim investigation report over the matter while stating efforts to establish the actual amount released by NELFUND and the amount disbursed to the benefiting students by the heads of the institutions nationwide.
The ICPC is also beaming its searchlight on the alleged fixing of the students loans in fixed deposits in banks by the heads of the institutions and their refusal to disclose payment of the students’ school fees by NELFUND while harassing them to pay what the Federal Government has already paid for.
Controversy is brewing over the alleged diversion and deductions of the students’ loans by 51 institutions while the development has generated concerns among the stakeholders.
A discrepancy has been discovered in the disbursement of student loans by NELFUND. The Federal Government has allegedly released about N100billion for the student loan scheme but only N28.8 billion was reportedly disbursed to the students, leaving a balance of N71.2 billion unaccounted for by the institutions.
But investigations by the ICPC revealed that the total money received by NELFUND as at March 19, 2023 is about N203.8billion while the total amount disbursed to institutions by the agency from inception to date is about N44. 3billion just as the balance of about N159.5billion is with the Central Bank of Nigeria (CBN).
Speaking in confidence over the matter a top source at the ICPC said, “I can tell you authoritatively that we have commenced investigations into the diversions and deductions of the the students loans by the heads institutions involved in the matter.
“We have sent letters of investigation activities/invitation to the Director General, Budget Office Abuja, Accountant General of the Federation to release the Director Budget Office of the Federation to clarify certain issues over the disbursement.
“ We also extended the letter of invitation to the Chief Executive Officer and the Executive Director NELFUND and also the Director Banking Services Central Bank of Nigeria, Abuja, asking them to furnish relevant documents that will assist the Commission in its investigation.
On the progress report over the investigation, the source further said, “ We have received responses from the above mentioned personalities and analysed them. Other
personalities involved were interviewed and relevant informations that will assist the investigation were retrieved from them
“ I can also inform you that we sent letters of investigation activities/invitation to the Governor of Central Bank Attentioning the Director Banking Services, Abuja and they reported and volunteered statement and also submitted some relevant documents which aided the Commission in the investigation.”
The source further disclosed that none of the affected heads of institutions would go scot free, saying that the ICPC would recover the funds from them and prosecute them accordingly
“ Investigation is ongoing and further development will be communicated in due course. But I can assure you that none of the affected heads of the affected institutions will go scot free. The ICPC will recover the money from them and prosecute them without further delay”.
