THE Nigerian Education Loan Fund (NELFund) has firmly denied allegations of corruption in the disbursement of student loan funds.
This response follows a statement from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which had initially indicated that it was investigating potential irregularities in the fund’s operations.
The organisation, in a statement released by Oseyemi Oluwatuyi, NELFund’s Director of Strategic Communications, asserted that the ICPC’s remarks had been misinterpreted.
“The claims suggesting misappropriation and mismanagement are completely unfounded, highly irresponsible, and harmful to the reputation of an institution created to provide financial support to millions of Nigerians,” Oluwatuyi stated.
She emphasized that all institutional fees are paid directly to verified schools, while living allowances are sent to the confirmed bank accounts of eligible students.
She further explained that the circulating reports are based on outdated data and programs that predate NELFund’s current operations.
In response, the ICPC clarified its earlier statement.
Spokesman Demola Bakare explained that the agency had launched an investigation following reports that 51 educational institutions were allegedly involved in unauthorized deductions and exploitation under the NELFund scheme.
Initially, the ICPC stated that discrepancies had been found. However, Bakare later issued a correction, acknowledging that a typographical error had altered the meaning of their press release.
“An error in our previous statement omitted the word ‘NOT,’ leading to a misinterpretation that discrepancies or diversion had already been confirmed,” he said.
“The correct version should have read: ‘The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme.’”
He clarified that while the commission has confirmed the total funds received and disbursed by NELFund, no evidence of diversion or discrepancies has been found at this stage.
Further investigations will target the institutions and individuals involved before any conclusions are drawn.
