By Nkechi Eze
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has joined forces with other federal agencies and key institutions to strengthen transparency, accountability, and fraud prevention in the newly launched student loan programme administered by the Nigeria Education Loan Fund (NELFUND).
This commitment was reaffirmed during a recent stakeholder engagement workshop on system automation and loan applications, held in Abuja.
An official signed statement made available by Demola Bakare, spokesperson for the Commission disclosed that NELFUND’s Managing Director, Mr. Akintunde Sawyerr, expressed appreciation to all participating institutions for their collaboration. He reiterated the Fund’s resolve to deliver a student loan scheme that is inclusive, transparent, and responsive to the needs of Nigerian students.
Mr. Sawyerr emphasised that the agency’s top priority is the satisfaction of its beneficiaries and alignment with the current administration’s education reforms. He called on stakeholders to support ongoing risk mitigation efforts and joint oversight frameworks.
At the session, three key risk areas sustainability, reputation, and financial integrity were identified. In response, NELFUND announced that it had implemented a fully automated and verifiable system to address these vulnerabilities.
The proposed joint oversight mechanism includes monthly briefings with the ICPC and other agencies, covering beneficiary data at both federal and state levels, financial transactions, potential threats, and systemic inefficiencies.
In a presentation titled “NELFUND’s Structure and Compliance Landscape”, Executive Director of Operations, Mr. Iyal Mustapha, outlined the agency’s framework for ensuring only qualified and genuinely needy students access the loans.
Executive Director of Finance and Administration, Dr. Fred Akinfala, also spoke on the fund’s financial integrity mechanisms. “With transparency, integrity, and strong partnerships, this fund can become a model of efficiency and trust,” he said.
The agency’s IT department demonstrated the secure, digital platform that underpins the scheme. The system requires students to create verified profiles that are cross-checked by their respective institutions in real-time.
Key collaborative action points from the workshop included the development of a whistleblower and early warning system, joint audits, real-time data validation tools, and coordinated public awareness campaigns.
Participants at the workshop included representatives of anti-corruption agencies, the Armed Forces, the Nigeria Police Force, Office of the Accountant-General of the Federation, Nigeria Correctional Service, Nigeria Customs Service, Federal Fire Service, and National Drug Law Enforcement Agency, among others.
