Student loan investigation shifts focus to institutions amid allegations of fund mismanagement

• ICPC retracts claims of discrepancies successful Nigeria’s pupil indebtedness disbursement, clarifying earlier miscommunication
• Investigations present absorption connected tertiary institutions and students amid allegations of money diversion and improper deductions
• Government agencies and pupil associations propulsion for transparency arsenic concerns implicit mismanaged loans escalate

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has retracted its earlier assertion that discrepancies had been recovered successful the disbursement of pupil loans nether the Nigeria Education Loan Fund (NELFUND).

ICPC’s Director of Public Enlightenment and Education, Demola Bakare, issued the revised connection connected April 1, clarifying that its erstwhile study mistakenly omitted the connection “NOT”, thereby creating the erroneous content that fiscal irregularities had already been established.

Investigators displacement absorption to alleged money diversion. Photo credit: ICPCNigeria/X
Source: Twitter

"The content of diversion and the contented of discrepancies bash not beryllium astatine this stage," Bakare explained."The probe would person to determination into the receiving institutions and persons earlier immoderate tenable deductions could beryllium made."

Student indebtedness probe focuses connected beneficiary institutions

According to Premium Times, contempt the clarification, ICPC confirmed that investigations are ongoing, shifting absorption towards tertiary institutions and idiosyncratic pupil beneficiaries.

The probe was triggered by a ceremonial petition from NELFUND and the National Orientation Agency (NOA).

Preliminary findings had suggested fiscal irregularities, noting that though the national authorities had reportedly released N100 billion, lone N28.8 cardinal had been disbursed to students, leaving N71.2 cardinal unaccounted for.

ICPC stated that letters of probe and invitations had been dispatched to cardinal stakeholders, including the Director General of the Budget Office, the Accountant General of the Federation, and elder officials from the Central Bank of Nigeria.

Additionally, apical executives astatine NELFUND, including its Chief Executive Officer and Executive Director, were invited to supply documentation and explanations.

Allegations of funds diversion by tertiary institutions

Reports bespeak that astatine slightest 51 tertiary institutions allegedly deducted amerciable fees from pupil loans, ranging from N3,500 to N30,000, portion others were accused of diverting oregon withholding funds meant for students.

The National Association of Nigerian Students (NANS) raised concerns, accusing immoderate institutions of transferring pupil indebtedness funds into idiosyncratic accounts alternatively of crediting the rightful recipients.

NANS Vice President for Inter-Campus and Gender Affairs, Akinbodunse Felicia, referenced findings from NOA, which revealed collusion betwixt institutions and banks successful mismanaging disbursements.

She stressed that galore students were not informed of funds released successful their names, forcing them to wage tuition fees independently.

In response, NELFUND’s Managing Director, Akintunde Sawyerr, acknowledged the corruption allegations, prompting NANS to denote plans for nationwide protests connected April 24 to gully the President’s attention.

Government moves to guarantee transparency successful pupil loans

The House of Representatives Committee connected NELFUND has intervened successful the matter, pledging to enactment alongside ICPC to show disbursement processes and forestall fiscal malpractice.

ICPC confirmed its collaboration with NOA and different agencies to thoroughly analyse the grade of alleged fraudulent practices surrounding the pupil indebtedness scheme.

NELFUND, established nether the Student Loans (Access to Higher Education) Act, 2024, provides fiscal assistance to Nigerian students for higher education, vocational training, and skills acquisition. The loans purpose to screen tuition fees, world charges, and upkeep costs, ensuring accessibility to education.

ICPC refocuses probe connected tertiary institutions and beneficiaries. Photo credit: icpcnigeria/X
Source: UGC

ICPC re-arraigns prof implicit fake degree

Legit.ng earlier reported that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has re-arraigned Professor Godwin Igbinoba astatine the Edo State High Court connected charges relating to fraudulent world certifications and papers forgery.

The commission, successful a connection published via its authoritative X (formerly Twitter) relationship connected Thursday, confirmed that Mr Igbinoba was brought earlier Justice A. N. Erhabor successful Benin City, wherever helium pleaded not blameworthy to the three-count complaint leveled against him.

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Source: Legit.ng