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In a surprising turn of events, the Independent Corrupt Practices Commission (ICPC) in Nigeria has retracted a statement it released earlier, alleging that the Nigerian Education Loan Fund (NELFUND) had misappropriated a significant portion of student loan funds. The ICPC had initially claimed that about N71 billion out of N100 billion released for the program was unaccounted for, sparking widespread concern and outrage.

However, NELFUND was quick to deny these allegations, describing the report as “false, grossly irresponsible, and damaging” to the integrity of the program. In response to the backlash, the ICPC issued another statement, admitting that the initial report was released in error.

ICPC Chairman, Musa Aliyu, shed more light on the controversy during an interview with the BBC Hausa service, explaining that the agency’s investigation is actually focused on universities suspected of not disbursing funds sent to them for students, rather than an investigation into NELFUND itself. According to Aliyu, NELFUND’s process involves transferring tuition fees directly to schools and sending living allowances directly to students’ accounts, with both transactions happening simultaneously.

The issue, Aliyu clarified, lies with students complaining that while they have received their living allowances, schools claim not to have received the tuition fees. Additionally, some students have reported being overcharged by schools from the tuition funds that were disbursed. The ICPC Chairman emphasized that there is no suspicion of missing funds from the student loan disbursement, and that the investigation is centered on the money sent to schools.

Aliyu acknowledged the mistake, stating, “It was an error, and everyone makes mistakes. We have now come forward to provide the correct details of the matter.” This clarification has helped to alleviate concerns and provide a clearer understanding of the situation, highlighting the importance of accuracy and transparency in such investigations. As the ICPC continues to investigate the matter, it remains to be seen how the situation will unfold and what actions will be taken to address the concerns of students and stakeholders alike.