The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has retracted 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.
In a follow-up statement signed by Demola Bakare and posted on the ICPC website, the agency clarified that a critical word was omitted in the initial release, which led to a misunderstanding.
The corrected version states, “A clear case of discrepancies has NOT been established in the administration of the student loan scheme.”
Reacting to the update, the National Association of Nigerian Students (NANS) maintained 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 emphasised that those indicted must face legal consequences.
NELFUND welcomed ICPC’s clarification. Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, stated that the public correction affirms the Fund’s consistent position that its operations are fully digital, data-driven, and transparent, with all funds accounted for within rigorous approval, verification, and disbursement processes.
As investigations continue, stakeholders await the outcomes cautiously, hopeful that transparency and accountability will remain at the forefront of Nigeria’s student loan initiative.
