The Unbiased Corrupt Practices and Different Associated Offences Fee, ICPC, has commenced a complete investigation into alleged discrepancies surrounding the disbursement of pupil loans beneath the Nigeria Schooling Mortgage Fund, NELFUND.
The Nationwide Orientation Company had alleged that sure faculties, working along with some banks, have purposely delayed funds to college students who certified for loans so they may generate profits off the scenario.
This was adopted by a media report, which alleged that some establishments made unauthorized deductions starting from N3,500 to N30,000 from every pupil’s institutional charges acquired by the mortgage fund.
In a press release on Thursday by the ICPC spokesperson, Demola Bakare, the fee said that its Chairman’s Particular Process Power instantly commenced investigations upon receiving the allegations.
He famous that the anti-graft company preliminary findings confirmed that whereas the Federal Authorities had reportedly launched N100 billion for the scheme, solely N28.8 billion was disbursed to college students, leaving an enormous unaccounted sum of N71.2 billion.
The assertion learn, “The ICPC has commenced a complete investigation into alleged discrepancies surrounding the disbursement of pupil loans beneath the NELFUND.
“This motion follows a latest media report alleging that no fewer than 51 tertiary establishments have been implicated in unlawful deductions and exploitation associated to the NELFUND scheme.
“These establishments have been alleged to have made unauthorized deductions starting from N3,500 to N30,000 from every pupil’s institutional charges acquired by the mortgage fund.
“Preliminary findings revealed a major hole within the monetary information of the disbursement course of. Whereas the federal authorities reportedly launched N100 billion for the scheme, solely N28.8 billion was disbursed to college students, leaving an unaccounted sum of N71.2 billion.
“The Fee confirmed that its Chairman’s Particular Process Power instantly swung into motion upon receiving the report.”
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Bakare famous that in the midst of additional investigations, the ICPC found {that a} complete of N203.8 billion was acquired by NELFUND.
Out of this quantity, Bakare mentioned that N44,200,933,649.00 had been disbursed.
This suggests that roughly N159.6 billion stays. Nonetheless, the ICPC didn’t explicitly state that this quantity is lacking.
When contacted on this, Bakare promised to revert, however he has but to take action as of the time of submitting the report.
Nonetheless, within the assertion, Bakare confirmed {that a} clear case of discrepancies has been established within the administration of the coed mortgage scheme.
Bakare mentioned, “Letters of investigation and invites have been dispatched to key stakeholders, together with the Director Common of the Price range Workplace, the Accountant Common of the Federation, and senior officers from the Central Financial institution of Nigeria.
“Moreover, the Chief Government Officer and Government Director of NELFUND have been invited to offer documentation and explanations related to the case. In line with the Fee, the responses acquired have been critically analyzed, and interviews have been performed with the involved people.
“In line with the ICPC, its energy of investigation revealed that the entire cash acquired by NELFUND as of March 19, 2023, was N203.8 billion. The breakdown confirmed that N10 Billion was an allocation from the Federation Allocation Account Committee, N50 billion was from the Financial and Monetary Crimes Fee, N71.9B was from the Tertiary Schooling Belief Fund, whereas one other N71.9 billion was additionally from the identical Tertiary Schooling Belief Fund.
“ICPC, nonetheless, discovered that the entire quantity disbursed to establishments from inception thus far is about N44,200,933,649.00, whereas a complete of 299 establishments have benefited from the funds launched. Up to now, the entire quantity disbursed to 299 beneficiary establishments stands at roughly N44.2 billion, with 293,178 college students having benefited from the fund.
“The ICPC confirmed {that a} clear case of discrepancies has not been established within the administration of the coed mortgage scheme and introduced that its investigation will now prolong to beneficiary establishments and particular person pupil recipients, ” the assertion added.
