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ICPC Probes N71.2bn Discrepancy In Student Loan Disbursement

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.
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
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.
“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
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.
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
“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.
“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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NAFDAC Gives Nigerian Food Companies 18 Months To Cut Trans Fats
The National Agency for Food and Drug Administration and Control has set an 18-month grace period, effectively giving food companies until early 2026 before facing full enforcement of regulations to eliminate industrially produced Trans-Fatty Acids (TFA).
The initiative, launched as a comprehensive strategy and roadmap for TFA regulation, moves Nigeria from simply having the policy to enforcing its world-class standard: a regulatory limit of no more than two grams of industrially produced trans fat per 100 grams of total fat or oil.
The Director-General of NAFDAC, Professor Mojisola Adeyeye, emphasised that the roadmap moves the country beyond policy creation to aggressive enforcement and implementation.
READ ALSO:NAFDAC Warns Of Fake Artemetrin DS, Antibiotic Ciprofit 500 In Circulation
This was contained in the NAFDAC DG’s keynote speech posted on the agency’s official X (formerly Twitter) on Friday.
Adeyeye stressed the moral imperative of the Agency’s mission.
“The removal of industrially produced trans fats from the food chain is not only a technical achievement, but a moral imperative.
“Eliminating industrially produced trans fats is possible, achievable, necessary, and urgent,” Adeyeye stated, calling for national collaboration.
The moratorium period is designed to allow manufacturers to exhaust existing stock with outdated labels and reformulate their products to comply with the legal limit.
READ ALSO:NAFDAC Seals Illegal Chemical, Water Firm In Abuja
NAFDAC’s action targets a dangerous dietary risk factor strongly linked to cardiovascular disease, stroke, and premature death globally.
Adeyeye emphasised the significance of the move beyond technical compliance, noting, “The removal of industrially produced trans fats from the food chain is not only a technical achievement, but a moral imperative.”
This aggressive step builds upon Nigeria’s existing reputation; the country was recognised by the World Health Organisation in 2023 for adopting best-practice TFA elimination policies.
The new roadmap is key to securing WHO validation of Nigeria’s full TFA elimination programme, establishing the nation as a regional leader in public health interventions.
News
Mohbad’s Father Urges Lagos AG To Prosecute Wife, Nurse, Others
Joseph Aloba, the father of late singer Mohbad, has urged the Lagos State government to initiate criminal proceedings against individuals named in the coroner’s inquest into his son’s death.
Mohbad passed away on September 12, 2023, following an injection administered by auxiliary nurse Feyisayo Ogedengbe.
Despite being buried the next day, public outcry and ongoing investigations led to the exhumation of his body on September 21, 2023, for an autopsy.
In a letter dated October 3 and addressed to the attorney general of Lagos State through his lawyers, Aloba demanded that criminal charges be filed against those indicted within 14 days.
READ ALSO:Mohbad: Naira Marley Speaks In New Video
“Specifically, we refer to persons indicted by the coroner’s verdict hereunder: Miss Ogedengbe Fisayo, indicted for unlawful medical practice and gross medical negligence; and Mrs. Omowunmi Aloba, indicted for negligence,” the letter reads.
“This includes Ibrahim Owodunni, a.k.a. Prime Boy, and others who either facilitated the invitation of the auxiliary nurse or refused to take him promptly to a recognised medical facility for treatment.”
Mohbad’s father said he was concerned that despite the coroner’s clear verdict, no prosecutorial steps had been taken against those indicted nearly three months after the judgment.
He asked the attorney general to exercise prosecutorial powers within the 14 days, or, in the alternative, grant him and his legal team a fiat to prosecute the matter on behalf of the state.
READ ALSO:Mohbad: What I Told Naira Marley Regarding Iyabo Ojo – VeryDarkMan
“Our Client, as a bereaved father desirous of ensuring that justice is done and seen to be done, is deeply concerned that notwithstanding the clear indictments contained in the Coroner’s Verdict, no prosecutorial steps have been taken against the aforementioned persons since the delivery of the Verdict on 11th July, 2025,” the letter reads.
“The judicial observations amount to clear indictments warranting the prosecution of the said individuals in order to give full effect to the Coroner’s findings and recommendations, and to ensure that justice is manifestly and adequately served in this matter.
“We request that you exercise your prosecutorial power on the above subject matter within 14 Days Next, in view of the high sensitivity of this matter and the public attention and outrage it has generated.”
In October 2023, Naira Marley and Sam Larry were arrested over allegations linking them to Mohbad’s death, but were released on bail after five weeks in detention.
By February 2025, a magistrate court cleared them of any involvement in the singer’s demise.
News
Boko Haram Once Nominated Muhammadu Buhari As Negotiator – Jonathan Revealed
Former President Goodluck Jonathan on Friday, disclosed that Boko Haram insurgents once nominated the late ex-President Muhammadu Buhari as their negotiator.
Jonathan said Boko Haram chose Buhari to negotiate with the Nigerian government on their behalf.
He made the disclosure while speaking at the public presentation of Scars, a book authored by former Chief of Defence Staff, Gen. Lucky Irabor (retd.), in Abuja.
READ ALSO:2027: Details Of Jonathan, Peter Obi Meeting Emerge
Jonathan said the insurgents named Buhari after his then-administration set up several committees to explore dialogue with the group.
Jonathan said: “One of the committees we set up then, the Boko Haram nominated Buhari to lead their team to negotiate with the government.
“So I was feeling that, oh, if they nominated Buhari to represent them and had a discussion with the government committee, then when Buhari took over, it could have been an easy way to negotiate with them and they would have handed over their guns. But it was still there till today.”
Jonathan noted that the inability of Buhari to eradicate Boko Haram terrorists showed that the crisis was more complex than often portrayed.
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