• About us
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, September 2, 2025
  • Login
NewsPeg Magazine logo
  • Home
  • News
    • World
    • Business
    • Politics
  • Technology
  • Entertainment
    • Sports
  • Lifestyle
    • Health
No Result
View All Result
  • Home
  • News
    • World
    • Business
    • Politics
  • Technology
  • Entertainment
    • Sports
  • Lifestyle
    • Health
No Result
View All Result
NewsPeg Magazine logo
No Result
View All Result
Home News

ICPC Launches Probe into NELFUND Student Loan Scheme Amidst Allegations of N71.2 Billion Discrepancy

Admin by Admin
May 1, 2025
in News
Reading Time: 2 mins read
0
Share on FacebookShare on TwitterShare on Whatsapp

By Nkechi Eze

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).

This action follows a recent media report alleging that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation related to the NELFUND scheme.

Demola Bakare the commission’s spokesperson in an official signed statement disclosed that the institutions were alleged to have made unauthorized deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.

According to Demola, preliminary findings revealed a significant gap in the financial records of the disbursement process. While the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion.

The Commission confirmed that its Chairman’s Special Task Force immediately swung into action upon receiving the report.

Letters of investigation and invitations were dispatched to key stakeholders, including the Director General of the Budget Office, the Accountant General of the Federation, and senior officials from the Central Bank of Nigeria.

Additionally, the Chief Executive Officer and Executive Director of NELFUND were invited to provide documentation and explanations relevant to the case. According to the Commission, the responses received were critically analyzed, and interviews were conducted with the concerned individuals.

According to the ICPC, its strength of investigation revealed that the total money received by NELFUND as of March 19, 2023, was N203.8 billion.

“The breakdown showed that N10 Billion was an allocation from the Federation Allocation Account Committee, N50 billion was from the Economic and Financial Crimes Commission, N71.9B was from the Tertiary Education Trust Fund, while another N71.9 billion was also from the same Tertiary Education Trust Fund.”

ICPC, however, found that the total amount disbursed to institutions from inception to date is about N44,200,933,649.00, while a total of 299 institutions have benefited from the funds released.

To date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students having benefited from the fund.

The ICPC confirmed that a clear case of discrepancies has not been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.

Further updates will be provided as the investigation progresses.

ShareTweetSend
Previous Post

Safer Roads Ahead: Nigeria Police Relaunch Tinted Glass Permit Scheme with Digital Twist

Next Post

SON Takes Stand Against Substandard Products, Destroys Consignments in Lagos

Admin

Admin

Related Posts

ICPC Chairman Seeks Judicial Reforms, Stronger Collaboration with National Judicial Institute in Anti-Corruption Battle
News

ICPC Chairman Seeks Judicial Reforms, Stronger Collaboration with National Judicial Institute in Anti-Corruption Battle

August 31, 2025
NDLEA Destroys 178,000kg Cannabis in Taraba Forest, Arrests 75-Year-Old Grandpa, Intercepts Millions of Opioid Pills Nationwide
News

NDLEA Destroys 178,000kg Cannabis in Taraba Forest, Arrests 75-Year-Old Grandpa, Intercepts Millions of Opioid Pills Nationwide

August 31, 2025
Arewa Broadcast Forum Threatens Boycott Over Alleged Media Suppression by Niger State Government
News

Unconstitutional and Inhumane: Arewa Forum Condemns Lagos Over Alaba Rago Market Demolition

August 31, 2025
Next Post

SON Takes Stand Against Substandard Products, Destroys Consignments in Lagos

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Editor's Choice

Former IGP Solomon Arase Dies at 69

Former IGP Solomon Arase Dies at 69

August 31, 2025
Air Chief Strengthens Defence Ties in China, Inspects Advanced Aerospace Facilities

Air Chief Strengthens Defence Ties in China, Inspects Advanced Aerospace Facilities

August 31, 2025
  • Trending
  • Comments
  • Latest
Imo Monarch Raises Alarm as 22-Year-Old Abandoned Road Threatens to Cut Off Okwuohia Community

Imo Monarch Raises Alarm as 22-Year-Old Abandoned Road Threatens to Cut Off Okwuohia Community

August 26, 2025
NIMC Trains Corps Members for Nationwide NIN Ward Enrollment Initiative

NIMC Trains Corps Members for Nationwide NIN Ward Enrollment Initiative

June 24, 2025
FG Rescues 11 Nigerian Miners Stranded in Central African Republic, Brings Them Home Safely

FG Rescues 11 Nigerian Miners Stranded in Central African Republic, Brings Them Home Safely

August 15, 2025

NAVY CAPTAIN A. MNGUVE UNVEILS THREE INSPIRATIONAL BOOKS IN LITERARY TRIUMPH

May 7, 2025

MEDIA FOUNDATION SEEKS UPGRADED DIGITAL INFRASTRUCTURE IN NIGERIA

4

Easter/Eid-el-Fitr: FRSC Records Massive Reduction in Road Crashes.

2
GSAI TRAINS JOURNALISTS TO INTENSIFY ENGAGEMENTS REVOLVING AROUND INVOLVEMENT OF WOMEN IN POLITICS AND GOVERNANCE

GSAI TRAINS JOURNALISTS TO INTENSIFY ENGAGEMENTS REVOLVING AROUND INVOLVEMENT OF WOMEN IN POLITICS AND GOVERNANCE

2

IDENTIFYING BARRIERS TO WOMEN’S POOR REMUNERATIONS, IT’S EFFECTS ON HOUSEHOLD.  LACK OF INCLUSIVE LABOUR LAWS?

2
Former IGP Solomon Arase Dies at 69

Former IGP Solomon Arase Dies at 69

August 31, 2025
Air Chief Strengthens Defence Ties in China, Inspects Advanced Aerospace Facilities

Air Chief Strengthens Defence Ties in China, Inspects Advanced Aerospace Facilities

August 31, 2025
ICPC Chairman Seeks Judicial Reforms, Stronger Collaboration with National Judicial Institute in Anti-Corruption Battle

ICPC Chairman Seeks Judicial Reforms, Stronger Collaboration with National Judicial Institute in Anti-Corruption Battle

August 31, 2025
NDLEA Destroys 178,000kg Cannabis in Taraba Forest, Arrests 75-Year-Old Grandpa, Intercepts Millions of Opioid Pills Nationwide

NDLEA Destroys 178,000kg Cannabis in Taraba Forest, Arrests 75-Year-Old Grandpa, Intercepts Millions of Opioid Pills Nationwide

August 31, 2025
NewsPeg Magazine

Newspeg is a General interest Magazine conceived by Nigerian Media practitioners of like minds across ethnic and geo-political divides of the country, for the purpose of creating uniqueness in Magazine reporting in Nigeria and repositioning the country for the needed growth.

Follow Us

  • About us
  • Advertise
  • Privacy & Policy
  • Contact

© 2024 Newspeg magazine - powered by Vecrit.

No Result
View All Result
  • Home
  • News
    • Business
    • World
  • Technology
  • Entertainment
  • Lifestyle
  • Editorial
  • Columns
  • More

© 2024 Newspeg magazine - powered by Vecrit.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In