NELFUND: EFCC, ICPC asked to investigate universities’ alleged student loan fraud
The Centre for Anti-Corruption and Open Leadership has called on the Economic and Financial Crimes Commission and the Independent Corrupt Practices Commission to investigate universities’ alleged fraudulent deductions from student loans.
In a statement on Tuesday, CACOL condemned the alleged illegal deductions from student loans by 51 universities.
“We are deeply disturbed by these reports and call for an immediate probe into the matter.
“The student loan scheme was created to empower young Nigerians, not to be exploited by institutions for unjust enrichment. This is a betrayal of trust and a disservice to the future of our nation.
“The Federal Ministry of Education, the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices Commission (ICPC) must urgently investigate these allegations and hold accountable any institution found culpable,” said the governance and anti-corruption group.
It urged the universities to be transparent and accountable and that the institutions “involved must publicly clarify the nature of these deductions and refund affected students without delay”.
The group called on the government to “implement stricter oversight mechanisms to prevent further exploitation of student loan beneficiaries by Universities and their officials”.
“We stand in solidarity with affected students and urge swift action to rectify this injustice,” CACOL said.
At least NELFUND has disbursed N116 billion as of January 1, 2025 for the upkeep of students across 176,252 beneficiary institutions in the country.
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