ICPC Student Loan: What You Need to Know About the Investigation into the NELFUND Scheme

ICPC Student Loan

In 2025, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) launched a detailed investigation into the student loan disbursement process under the Nigeria Education Loan Fund (NELFUND). This probe was sparked by media reports alleging mismanagement and unauthorized deductions at several public tertiary institutions.

Why Did ICPC Investigate?

Initially, the ICPC reported that out of ₦100 billion allocated for student loans, only ₦28.8 billion had been disbursed to students—leaving nearly ₦71.2 billion unaccounted for. Allegations included unauthorized deductions of ₦3,500–₦30,000 per student at around 51 institutions. (source) [turn0search8]

Later findings expanded the scope: NELFUND had received ₦203.8 billion. Of this, only ₦44.2 billion was confirmed disbursed to 293,178 students through 299 institutions. (source) [turn0search6]

ICPC Clarifies the Initial Statement: No Confirmed Misappropriation Yet

In a follow-up, ICPC corrected an earlier press release by clarifying that the word “NOT” had been unintentionally omitted. They affirmed that no confirmed misappropriation has been legally established, and the investigation was focused on gathering evidence from institutions and individuals involved. (source) [turn0search3]

NELFUND’s Response

NELFUND has strongly denied corruption allegations, stating that all tuition payments go directly to verified schools, while upkeep stipends are paid straight to students’ bank accounts. The Fund described the allegations as false, irresponsible, and damaging to its mission. (source) [turn0search11]

Key Facts & Figures

Metric	Amount (₦) / Count
Total funds received	203.8 billion
Disbursed to institutions	44.2 billion
Student beneficiaries	293,178 across 299 schools
Initial reported gap	~71.2 billion (disputed)

What Students Should Know

The loan scheme is still operational, and disbursements continue via the NELFUND portal
If your institution deducted extra fees without your consent, you can file a formal complaint via the NELFUND grievance channels or ICPC helplines.
Stay updated on the outcome of investigations into specific institutions—some are under official review.

Final Thoughts

The ICPC’s inquiry has brought transparency to a critical public finance issue involving student loans in Nigeria. While discrepancies were flagged, confirmation of misuse has not yet been made. The outcome of ongoing investigations will determine whether mismanagement occurred.

For accurate updates and next steps:

Watch out for NELFUND’s official announcements via their website or media offices
Follow ICPC communications for progress on institutional and student-level investigations

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