NELFUND Money Not Missing, It Was An Error – ICPC Backtracks

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has admitted that it made an error in its claim that a huge part of the money released by the government for the Nigeria Education Loan Fund (NELFUND) has gone missing.

The ICPC, in an updated statement, said the earlier error in its statement, which led members of the public to believe NELFUND money has been diverted, is deeply regretted.

Naijaonpoint recalls the anti-graft agency had on Thursday, announced that only ₦28.8 billion was allocated to students across various tertiary institutions, despite ₦100 billion being released to these schools by the Federal Government.

The anti-corruption agency indicated that preliminary investigations revealed that at least ₦71.2 billion had been misappropriated by the management of several universities responsible for handling these funds.

However, in an updated statement via its website on Thursday, ICPC admitted it made an error, and the impression of diversion and the issue of discrepancies do not exist at this stage.

The updated statement, signed by Demola Bakare, said the Commission has only established the total amount of funds received and disbursed so far by NELFUND and urged the members of the public to disregard the earlier statement on the issue, though it has been corrected as well.

“We admit that this is not the case, indeed we accept that the same part of the sentence also contradicted the whole paragraph.

“The paragraph ought to read: *The ICPC confirmed that a clear case of discrepancies has NOT 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*

“For avoidance of doubts, the Commission has only established the total amount of funds received and disbursed so far by NELFUND.

“The impression of diversion and the issue of discrepancies do not exist at this stage; the investigation would have to move into the receiving institutions and persons before any reasonable deductions could be made.

“It is hereby reiterated that the commission does not engage in media trials nor does it usurp the power of the judiciary to indict persons or organisations.

“The general public is urged to exercise patience as thorough investigations require time and ample resources. However, persons with information of value are encouraged to reach out to the Commission through [email protected]

“The earlier error, though already corrected on our Website, is regretted. Our investigations are still ongoing, and there are no indictments yet,” the clarified statement read.