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ICPC Probes N71.2bn Discrepancy In Student Loan Disbursement

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The Independent Corrupt Practices and Other Related Offences Commission has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the Nigeria Education Loan Fund.

The National Orientation Agency had alleged that certain schools, working together with some banks, have purposely delayed payments to students who qualified for loans so they could make money off the situation.

This was followed by a media report which alleged that some institutions made unauthorized deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.

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In a statement on Thursday by the ICPC spokesman, Demola Bakare, the commission stated that its Chairman’s Special Task Force immediately commenced investigations upon receiving the allegations.

He noted that the anti-graft agency preliminary findings revealed that while the Federal Government had reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving a massive unaccounted sum of N71.2 billion.

READ ALSO: ICPC Arrests NSCDC Deputy Commandant Over Alleged Corruption

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The statement read, “The ICPC has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the NELFUND.

“This action follows a recent media report alleging that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation related to the NELFUND scheme.

“These institutions were alleged to have made unauthorized deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.

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“Preliminary findings revealed a significant gap in the financial records of the disbursement process. While the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion.

“The Commission confirmed that its Chairman’s Special Task Force immediately swung into action upon receiving the report.”

READ ALSO:ICPC Interrogates CBN Officials, Others Over $3.4bn COVID-19 Loan

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Bakare noted that in the course of further investigations, the ICPC discovered that a total of N203.8 billion was received by NELFUND.

Out of this amount, Bakare said, N44,200,933,649.00 had been disbursed.

This implies that approximately N159.6 billion remains. However, the ICPC did not explicitly state that this amount is missing.
When contacted on this, Bakare promised to revert, but he has yet to do so as of the time of filing the report.

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Nonetheless, in the statement Bakare confirmed that a clear case of discrepancies has been established in the administration of the student loan scheme.

Bakare said, “Letters of investigation and invitations were dispatched to key stakeholders, including the Director General of the Budget Office, the Accountant General of the Federation, and senior officials from the Central Bank of Nigeria.

READ ALSO: Court Affirms ICPC’s Power To Prosecute Delta Govt Officials

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“Additionally, the Chief Executive Officer and Executive Director of NELFUND were invited to provide documentation and explanations relevant to the case. According to the Commission, the responses received were critically analyzed, and interviews were conducted with the concerned individuals.

“According to the ICPC, its strength of investigation revealed that the total money received by NELFUND as of March 19, 2023, was N203.8 billion. The breakdown showed that N10 Billion was an allocation from the Federation Allocation Account Committee, N50 billion was from the Economic and Financial Crimes Commission, N71.9B was from the Tertiary Education Trust Fund, while another N71.9 billion was also from the same Tertiary Education Trust Fund.

“ICPC, however, found that the total amount disbursed to institutions from inception to date is about
N44,200,933,649.00, while a total of 299 institutions have benefited from the funds released. To date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students having benefited from the fund.

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“The ICPC confirmed that a clear case of discrepancies has been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients, ” the statement added.

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Senate Confirms New FCC Chairman, Approves 37 Commissioners

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The Senate on Thursday confirmed Hon. Ayo Omidiran, a former member of the House of Representatives, as the Executive Chairman of the Federal Character Commission (FCC).

At the same time, 37 commissioners representing the 36 states and the Federal Capital Territory (FCT) were approved.

The confirmation followed the adoption of the report by the Senate Committee on Federal Character and Inter-Governmental Affairs, presented by Chairman Senator Allwell Heacho Onyesoh.

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He informed the Senate that all nominees had successfully passed thorough screenings, submitted required documents—including Code of Conduct Bureau (CCB) clearances, police reports, DSS vetting, and curriculum vitae—and had no criminal petitions filed against them.

READ ALSO:Senate Recommends Death Penalty For Kidnappers

The Senate conducted a state-by-state review in the Committee of the Whole, which was adopted when lawmakers returned to plenary.

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Senate President Godswill Akpabio, addressing the chamber after the unanimous confirmation, urged the appointees to serve with dedication and uphold public trust.

“Go and serve in the interest of the nation. I congratulate all the nominees and wish them a successful tenure,” he said.

Notable appointees include Peter Ogbonna Eze (Enugu State) and AbdulWasiu Kayode Bawa-Allah (Lagos State), while Mohammed Musa was retained as Secretary of the Commission.

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READ ALSO:Senate Uncovers $300bn Unaccounted Crude Oil Sales

Other confirmed commissioners are: Obinna Oriaku (Abia); Lawal Ya’u Roni (Jigawa); Abubakar Atiku Bunu (Kebbi); Eludayo Eluyemi (Osun); Bema Olvadi Madayi (Adamawa); Dora Ebong (Akwa Ibom); Nnoli Nkechi Gloria (Anambra); Babangida Adamu Gwana (Bauchi); Sir Tonye Okio (Bayelsa); Aligba Eugene Tarkende (Benue); Engr. Modu Mustapha (Borno); Dr. Stella Odey Ekpo (Cross River); Ederin Lovette Idisi (Delta); Barr. Nwokpor Vincent Nduka (Ebonyi); Hon. Victor Sabor Edoror (Edo); Hon. Sola Fokanle (Ekiti); Ibrahim Baba Mairiga (Gombe); Hon. Jerry Alagbaoso (Imo); Ruth Jumai Ango (Kaduna); Muhammad Awwal Nayya (Kano); Hon. Anas Isah (Katsina); Bello Idris Eneye (Kogi); Dr. Ibrahim Abdullahi (Kwara); Alh. Isah Jibrin (Niger); Comrade Ajimudu Bola (Ondo); Prince Ayodeji Aleshinloye (Oyo); Hon. Pam Bolman (Plateau); Aaron Chukwuemeka (Rivers); Alh. Aminu Tambar (Sokoto); Bobboi Bala Kaigama (Taraba); Hon. Jibir Maigari (Yobe); Sani Garba (Zamfara); and Solomon Ayuba Dagami (FCT).

The Senate expressed confidence that the newly confirmed FCC leadership will enhance the commission’s capacity to promote equitable representation across Nigeria’s public institutions.

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Tinubu Constitutes Membership For US–Nigeria Security Working Group

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President Bola Tinubu has approved the formation of the Nigerian delegation to the US–Nigeria Joint Working Group, a bilateral initiative aimed at strengthening cooperation on security matters.

The decision follows a recent visit to Washington DC by a high-level Nigerian delegation led by National Security Adviser Nuhu Ribadu. Ribadu will head the multi-agency team, which includes senior officials from key security and foreign policy institutions.

According to a statement signed by the President’s aide, Bayo Onanuga, members of the working group include the Minister of Foreign Affairs, Amb. Yusuf Maitama Tuggar; Minister of Defence, Mohammed Badaru Abubakar; Minister of Interior, Olubunmi Tunji-Ojo; Minister of Humanitarian Affairs, Bernard M. Doro; Chief of Defence Staff, Gen. Olufemi Oluyede; Director-General of the National Intelligence Agency, Amb. Mohammed Mohammed; and Inspector General of Police, Mr Kayode Egbetokun.

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Ms Idayat Hassan of the Office of the National Security Adviser and Mr Paul Alabi of the Embassy of Nigeria in the US will serve as the secretariat,” the statement added.

READ ALSO:Tinubu Appoints Non-Career Ambassadors For US, UK, France

Tinubu urged the team to engage closely with their American counterparts to ensure the implementation of security agreements reached during the visit. The working group is tasked with coordinating bilateral efforts on counter-terrorism, defence cooperation, and regional stability.

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The initiative has gained prominence following recent remarks by US leadership. US President Donald Trump designated Nigeria a “Country of Particular Concern” over alleged religious-freedom violations and warned of possible military intervention should attacks on Christians persist, increasing pressure on the Nigerian government to strengthen its security response.

Bilateral cooperation
Recall that last week, a high-level Nigerian delegation led by Ribadu concluded a series of engagements with United States officials aimed at reinforcing bilateral security cooperation.

The discussions, held in Washington DC, involved senior representatives from the US Congress, the White House Faith Office, the State Department, the National Security Council, and the Department of War.

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READ ALSO:BREAKING: Tinubu Declares Nationwide Security Emergency, Orders Armed Forces To Recruit More Personnel

During the meetings, the Nigerian delegation rejected allegations of genocide in the country, emphasising that violent attacks affect communities across religious and ethnic lines.

Wrongful framing of the situation would only divide Nigerians and distort the realities on the ground,” the delegation stated.

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The United States expressed readiness to deepen security support, including enhanced intelligence sharing, expedited processing of defence equipment requests, and the potential provision of excess defence articles, subject to availability, to bolster ongoing counter-terrorism operations. Additional support in the form of humanitarian assistance and technical aid to strengthen early-warning mechanisms was also discussed.

Both nations agreed to implement a non-binding cooperation framework immediately and to establish a Joint Working Group to coordinate efforts across the agreed areas. The Nigerian delegation reaffirmed the government’s commitment to civilian protection measures and the safeguarding of vulnerable communities, particularly in the Middle Belt region.

READ ALSO:N6trn: Court Orders Tinubu To Publish NDDC Audit Report, Name Indicted Officials

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The Nigerian delegation included Prince Lateef Olasunkanmi Fagbemi, Attorney General of the Federation; General Olufemi Oluyede, Chief of Defence Staff; Lt. Gen. Emmanuel Parker Undiandeye, Chief of Defence Intelligence; Mr Kayode Egbetokun, Inspector General of Police; Ambassador Ibrahim Babani, Director of Foreign Relations at the Office of the National Security Adviser; and Ms Idayat Hassan, Special Adviser to the NSA.

The Federal Government highlighted that the engagements provided an opportunity to correct misconceptions about Nigeria, build trust, and advance a coordinated approach to protecting citizens.

It urged the public to remain assured that coordinated measures are being taken to enhance security nationwide.

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Edo Assembly Invites Obaseki, Others For Questioning Over MOWAA

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The controversy surrounding the Museum of West African Art (MOWAA) and Radisson Hotel, remains unabated as Edo State House of Assembly Ad-Hoc Committee investigating the matter has invited a former governor of the state, Godwin Obaseki for questioning.

A statement by Secretary of the Ad-hoc Committee, Bekisu Oshone, on Thursday, stated that the former governor and others are expected to appear on December 4, 2025.

Other persons invited by the committee are a former Edo Finance Commissioner, Joseph Eboigbe, former Attorney General of Edo State, Oluwole Osaze-Uzzi, MOWAA’s Director, Philip Iheanacho and Managing Director, Tilbury House Nigeria Limited.

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READ ALSO:MOWAA Authorities Shun Edo Assembly Committee, Give Reason

According to her, others invited are Project Manager of Hospitality Investment and Management Company, Pramod Thorat, Managing Director, Afrinvest Capital Limited, Ugochukwu Anigbogu, Managing Director, Meristem Trustees Limited and
Managing Director, Emerging Africa Trustees Limited.

The statement reads: “The Edo State House of Assembly Ad hoc Committee constituted to investigate the Museum of West African Arts and Radisson Hotel invites former Governor Godwin Obaseki and 10 others/organization (listed above) to appear before the committee for public hearing on December 4.”

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She said attendance by Obaseki and others was required as part of the committee’s investigation.

The former governor and other invitees are expected to give insights into funding of the Radisson Hotel.

READ ALSO:Okpebholo Revokes MOWAA Land Title

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The MOWAA and Radisson Hotel were both conceptualized by Obaseki.

While first phase of the MOWAA has been completed, Radisson Hotel is near completion.

Recall that an exhibition at the museum turned chaotic on November 9 after angry protesters stormed the venue, forcing a high-profile event to shut down abruptly.

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The preview opening, described as a private exhibition for investors, artists, and foreign envoys, quickly descended into panic when a mob claiming the museum belonged to the Oba of Benin breached parts of the premises.

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