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No fraudulent, mismanagement case against NELFUND – ICPC clarify
By Clifford Ejenavi The Independent Corrupt Practices and Other Related Offences Commission (ICPC), has admitted errors in its earlier communication regarding the Nigerian Education Loan Fund (NELFUND) financial records and its disbursement activities. According to the Director, Public Entertainment & Education/Spokesperson of ICPC, Demola Bakare, unintentionally, the word “NOT” was missing in the second to…
By Clifford Ejenavi
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), has admitted errors in its earlier communication regarding the Nigerian Education Loan Fund (NELFUND) financial records and its disbursement activities.
According to the Director, Public Entertainment & Education/Spokesperson of ICPC, Demola Bakare, unintentionally, the word “NOT” was missing in the second to the last paragraph of its earlier press release in respect of an ongoing investigations regarding the Student Loan Scheme. He added that the missing word created an erroneous impression that the alleged discrepancies or diversion has been established.
“We admit that this is not the case, indeed we accept that the same part of the sentence also contradicted the whole paragraph.
“The paragraph ought to read: ‘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’.
“For avoidance of doubts, ICPC has only established the total amount of funds received and disbursed so far by NELFUND.
“The impression of diversion and the issue of discrepancies do not exist at this stage; the investigations would have to move into the receiving institutions and persons before any reasonable deductions could be made.
“It is hereby reiterated that the commission does not engage in media trials nor does it usurp the power of the judiciary to indict persons or organisations.
“The general public is urged to exercise patience as thorough investigations require time and ample resources. However, persons with information of value are encouraged to reach out to the Commission.
“The earlier error, though already corrected on our Website, is regretted. Our investigations are still ongoing, and there are no indictments yet”, Bakare clarified.
However, NELFUND has welcomed ICPC clarifications wile reaffirming commitment to transparency and public accountability.
In a statement by the Director, Strategic Communications of NELFUND, Mrs. Oseyemi Oluwatuyi, the Fund acknowledged the public clarification issued by the ICPC, admitting errors in its earlier communication regarding its financial records and disbursement.
Oluwatuyi said, “We commend the ICPC for its professionalism in promptly correcting the record and clarifying that no case of fraud or mismanagement has been established against NELFUND.
“This public correction affirms what we have consistently maintained:
• That NELFUND’s operations are fully digital, data driven, and transparent.
• That no kobo is missing, and all funds remain accounted for within the framework of our rigorous approval, verification, and disbursement processes.
• That we are in full compliance with all oversight protocols and regulatory reporting requirements.
“As a publicly funded institution, NELFUND welcomes scrutiny and remains open to collaboration with anti-corruption agencies, auditors, the media, and the general public. However, we strongly urge all stakeholders ensure factual accuracy and responsible reporting when covering matters of national importance.
“We remain steadfast in our mission to provide fair, accessible, and sustainable financing for millions of Nigerian students, while upholding the highest standards of institutional integrity and public trust”, Oluwatuyi said.
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