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The Nigerian Education Loan Fund (NELFUND) has been thrust into the spotlight, but not for the reasons you might think. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) recently issued a surprising correction, admitting a major error in a press release that sparked rumors of missing or diverted funds. Spoiler alert: no money is missing, and NELFUND’s books are clean—so far.
The ICPC’s initial statement caused a stir by mistakenly suggesting discrepancies in the student loan scheme, all because of a missing word: “NOT.” In a swift move to set the record straight, the commission clarified that its ongoing investigation has found no evidence of fund diversion or mismanagement. The numbers? NELFUND received ₦203.8 billion and disbursed ₦44.2 billion to 299 institutions, supporting 293,178 students. That’s a massive operation, and according to the ICPC, it’s running smoothly.
But here’s where it gets interesting. The investigation isn’t over. The ICPC is now turning its attention to the beneficiary institutions and individual recipients. Are the funds reaching the right hands? Is the system as airtight as NELFUND claims? The agency’s automated, transparent processes have been praised, but with billions at stake, every detail matters.
NELFUND itself didn’t hold back, firmly denying any allegations of mismanagement. They’re confident in their system, but public trust is fragile. With the ICPC digging deeper, the big question remains: will this be the final word, or is there more to uncover?
Stay tuned as this story unfolds. Transparency is the name of the game, and Nigeria’s students deserve nothing less.
What do you think? Is NELFUND’s system truly foolproof, or could there be cracks waiting to be exposed? Share your thoughts below!
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