ICPC starts a complete examination in the alleged ₦ 71.2 billion student Loan Skandal

The independent Commission for Corrupt Corruption Practices and other associated crimes (ICPC) has initiated a comprehensive examination of a presumed discrepancy of 71.2 billion ₦ 71.2 billion in the payment of student loans as part of the Nigeria Education Loan Fund (Nelfund).

In a statement published on Thursday, the ICPC announced that it had called important figures, including the Chief Executive Officer of Nelfund, Akintunde Sawyerr, civil servants of the Central Bank of Nigeria (CBN), the household office and the office of general book transmitter, to submit clarifications and supporting documents.

The probe follows media reports in which at least 51 tertiary institutions in questionable deductions and irregularities are associated with the payment process for student loans.

According to the Commission, the Federal Government has reportedly released 100 billion to support the initiative, only 28.8 billion ₦ were initially paid to the students. Revised figures later confirmed that 44.2 billion ₦ 293,178 students had reached 299 institutions, which still left a significant lack of over 55 billion ₦.

“The breakdown shows that 10 billion ₦ 10 billion from the Federation Allocation Account Committee (FAAC), 50 billion ₦ from the recovery of the EFCC, and 71.9 billion ₦ ₦ 71.9 billion were transmitted twice,” said the ICPC.

The agency found that the special task force of its chairman acted immediately after receiving the allegations, the starting inquiries and the implementation of interviews with relevant civil servants. The investigation has now been expanded to cover both institutional favored and individual student recipients.

The ICPC confirmed its commitment to complete transparency and promised to take responsibility for people or institutions in order to poorly manage public funds.