The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has clarified its statement on the investigation into the Nigeria Education Loan Fund (NELFUND) student loan scheme, admitting to an error in a previous press release.
In a statement issued on Thursday, May 1, 2025, ICPC spokesperson Demola Bakare explained that the omission of the word “NOT” in an earlier release had caused confusion. The missing word led the public to believe that discrepancies in the administration of the student loan scheme had been confirmed.
“The missing word created an erroneous impression that the alleged discrepancies or diversion have been established,” Bakare said. The corrected release now reads, “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.”
The ICPC emphasized that while it has verified the funds received and disbursed through NELFUND, there is no evidence of misappropriation or diversion at this stage. The Commission also stressed that it does not engage in media trials and will allow the judiciary to carry out any necessary legal actions.
The public was encouraged to submit any relevant information through the ICPC website, and the Commission expressed regret over the oversight. It assured that the investigation is ongoing, with no indictments at this time.
