'71 billion naira missing student loan' - Nelfund react to ICPC revelation

Anti-corruption agency Independent Corrupt Practices and Other Related Offences Commission (ICPC), reveal say na only 28.8 billion naira ($17 million) don go out to for various tertiary institutions instead of 100 billion naira ($62 million) wey goment release to schools.

Di anti-graft agency say dia initial investigations show say di management of different universities don divert not less dan 71.2 billion naira ($66 million) wey don receive di money.

Demola Bakare, wey be tok-tok pesin of di commission tell tori pipo for Abuja say dem don invite some pipo, including di Director-General of di Budget Office and di Accountant-General of di Federation.

E add say dem also tell some oga from Central Bank of Nigeria and Chief executive officer and executive director of Nigeria Education Loan Fund (Nelfund) to provide documentation and explanations relevant to di case.

Nigeria Education Loan Fund don deny di allegation say make ICPC go do dia work well.

But Nelfund say dem shock to see say tori dey spread say dat kain money loss.

Director of Strategic Communications for Nelfund, Oseyemi Oluwatuyi say wetin di anti-corruption agency do na just to misinform di public.

"We wish to state di following clearly no funds don dey mismanaged, stolen, or unaccounted for under di current Nelfun student loan.

Wetin ICPC investigation reveal

Director General of di National Orientation Agency (NOA), Issa-Onilu bin don allege say about 51 tertiary institutions dey implicated in di illegal deductions and exploitation wey dey related to Nelfund scheme.

Meanwhile, Demola Bakare, ICPC tok-tok pesin explain say di commission don since start to take action following di alarm, adding say pipo wey dem find guilty, dem go punish dem.

"Di commission confam say di Chairman Special Task Force immediately start to take action upon receiving di report.

"Dem send letters of investigation and invitations to key stakeholders, including di Director-General of di Budget Office, di Accountant General of the Federation, and senior officials from di Central Bank of Nigeria.

"Additionally, di Chief Executive Officer and Executive Director of Nelfund dey invited to provide documentation and explanations wey dey relevant to di case.

"Preliminary findings bin show significant gap in di financial records of di disbursement process. While di Federal Government reportedly release N100 billion for di scheme, only N28.8 billion dey disbursed to students, e leave unaccounted sum of N71.2 billion."

While e dey give di breakdown of di Nelfund records, Bakare tok say di ICPC strength of investigation bin show say di total money wey Nelfund receive as of March 19, 2024, na 203.8 billion naira ($126 million).

"Di breakdown bin show say 10 billion naira na allocation from di Federation Allocation Account Committee, 50 billion naira na from di Economic and Financial Crimes Commission, 71.9 billion naira na from di Tertiary Education Trust Fund, while anoda 71.9 billion naira na also from di same Tertiary Education Trust Fund," di ICPC official tell tori pipo.

'Nobody tiff any money' - Nelfund

Oluwatuyi say dis na coordinated bending of facts wey "undermine public trust, weaponize misinformation, and threaten di credibility of a national intervention wey still dey for im infancy."

"Di scheme bin officially launch dia tudent loan application portal in 2024. As of today, all institutional fees dey paid directly to verified institutions, while upkeep allowances dey disbursed to di verified bank accounts of eligible student applicants.

"Di figures and funding amounts currently wey dey misrepresented in di public dey drawn from entirely different education financing interventions wey predate Nelfund operational commencement. Dey no bear any relevance to di current student loan scheme and no suppose dey falsely attributed to dis institution."

She add say Nelfund dey operate a zero human interface and na fully automated loan system wey dey cancel opportunities for financial misconduct – "evri application and disbursement dey digitally tracked, time stamped, and verifiable.

"Our commitment to transparency and cooperation wit oversight agencies, including di ICPC, dey total and unwavering. We don comply fully wit every request for information and go kontinu to uphold di highest standards of public accountability."

Nelfund say di circulation of "unverified, context-free, and inflammatory claims for dis critical stage of implementation dey reckless, e dey deliberate sabotage one nationally significant, pipo centered programme wey we don design to expand di access to tertiary education and economic mobility."