The Independent Corrupt Practices Commission (ICPC) has uncovered a massive fraud involving the misappropriation of N71.2 billion out of N100 billion earmarked for student loans.
ICPC spokesperson Demola Bakare disclosed that only N28.8 billion was disbursed to students, raising concerns over missing funds in the custody of several universities.
The probe follows warnings by the National Orientation Agency about institutions sabotaging the NELFUND scheme through illegal deductions ranging from N3,500 to N30,000 per student.
Key officials from the Budget Office, Central Bank, and NELFUND have been invited for questioning.
According to the ICPC, total receipts by NELFUND stood at N203.8 billion, with only N44.2 billion disbursed to 299 institutions. Over 293,000 students have benefitted so far.
The Commission says discrepancies in financial records have been confirmed, and the probe will now extend to schools and individual beneficiaries.
ICPC promises regular updates and pledges to hold all culpable parties accountable as investigations intensify.
