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₦71.2bn Missing In Student Loan Disbursement – ICPC

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FG Invites ICPC Over Diversion Of N-power Funds Independent Corrupt Practices and Other Related Offences Commission

Commission Probes NELFUND, 51 Institutions Over Alleged Irregularities

 

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated a sweeping investigation into alleged irregularities surrounding the Nigeria Education Loan Fund (NELFUND), uncovering a major shortfall in the distribution of federal student loan funds.

Despite a ₦100 billion allocation by the Federal Government for student loans, only ₦28.8 billion was reportedly received by students in tertiary institutions, sparking concerns over the whereabouts of the remaining ₦71.2 billion.

READ MORE: NANS Urges FG To Slash Education Costs Instead Of Offering Student Loans

This revelation came through a statement issued on Thursday, May 1, 2025, by ICPC spokesperson Demola Bakare.

Media reports had earlier alleged that 51 tertiary institutions were engaged in exploitative practices, deducting between ₦3,500 and ₦30,000 from students’ loan-funded institutional fees without proper authorization. These claims prompted the ICPC to act swiftly.

To unravel the discrepancies, the commission’s Chairman’s Special Task Force launched a full-scale probe and contacted key government officials.

“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,” the statement read.

The Chief Executive Officer and Executive Director of NELFUND were also summoned to submit documents and provide detailed explanations.

According to Bakare, “The responses received were critically analyzed, and interviews were conducted with the concerned individuals.”

Further digging by the commission revealed that as of March 19, 2024, NELFUND had actually received ₦203.8 billion from multiple sources.

This included ₦10 billion from the Federation Allocation Account Committee, ₦50 billion from the Economic and Financial Crimes Commission (EFCC), and ₦143.8 billion from the Tertiary Education Trust Fund (TETFund)—split into two ₦71.9 billion tranches.

However, only ₦44.2 billion has been disbursed to 299 institutions, benefiting 293,178 students—far below expectations given the total amount available.

The ICPC confirmed that “discrepancies in the administration of the student loan scheme have been established,” adding that the scope of the investigation will now widen to include both the institutions that received the funds and the students who benefitted.

“Further updates will be provided as the investigation progresses,” the statement concluded.

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NEWS

Horror in Kogi: Gunmen Abduct 24 Pupils in Orphanage Raid, 15 Rescued

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Tragedy struck in Kogi State as armed men invaded an orphanage facility and abducted 24 persons, including 23 pupils and the wife of the school proprietor, in a violent night attack that has thrown the community into panic.

The Kogi State Government confirmed the incident on Monday, revealing that security operatives have so far rescued 15 of the victims, while efforts are ongoing to free the remaining abductees.

ALSO READ: Kogi Chamber Honours Dangote Cement over Impactful Social Performance

According to the State Commissioner for Information, Kingsley Fanwo, the attack occurred on Sunday, April 26, 2026, when gunmen stormed the premises of the Dahallukitab Group of Schools, a facility located in a remote and bushy area of the state.

Fanwo explained that the orphanage was not registered with the state government, describing its operation as illegal and noting that it had no formal approval or security clearance from relevant authorities.

He said the attackers whisked away 23 pupils alongside the wife of the proprietor before security agencies swiftly responded to the distress call.

“The swift intervention of security agencies led to the rescue of 15 of the abductees, while efforts are ongoing to secure the release of the remaining victims,” the commissioner stated.

Security operatives, led by the Nigeria Police Force in Kogi State and supported by other agencies, have intensified search-and-rescue operations in surrounding forests and suspected escape routes.

Fanwo commended the professionalism of the security forces, noting that their rapid response helped prevent a worse outcome.

He also raised concerns over the operation of unregistered schools and orphanages in isolated locations, warning that such establishments expose children and staff to serious security risks.

According to him, the government has reiterated its warning to operators of educational and care facilities to ensure proper registration and compliance with safety regulations.

He added that investigations are ongoing, while assuring residents that the government remains committed to rescuing the remaining victims and bringing the perpetrators to justice.

Security has since been reinforced in the affected area as search operations continue.

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Midnight Massacre: Gunmen Wipe Out Pastor, Entire Family in Plateau

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Plateau set to clear backlog of N18bn gratuities of retired civil servants

Residents of Gako Village in Riyom Local Government Area of Plateau State were thrown into mourning following a deadly midnight attack that claimed the lives of a pastor and his entire family.

The victims, identified as Rev. Ayuba Choji, his wife Chundung Ayuba, and their two children, Cyril and Endurance Ayuba, were reportedly killed when suspected gunmen stormed the community at about 11 p.m. on Sunday.

Eyewitnesses said the assailants opened fire indiscriminately, forcing residents to flee for safety.

SEE ALSOGunmen Kill Two, One Missing as Fresh Attack Hits Plateau Community

A community member, Martha Dalyop, described the attack as terrifying, noting that the gunmen invaded the village under the cover of darkness and shot sporadically.

She lamented that repeated attacks in the area have left villagers living in constant fear, with many unable to sleep in their homes or access their farms.

Confirming the incident, the publicity secretary of the Berom Youths Moulder Association, Rwang Tengwong, said the latest assault reflects a troubling pattern in the operations of the attackers.

According to him, the gunmen often split into groups during attacks, with some targeting residents, others destroying farmlands, and another group blocking roads to prevent escape or intervention.

Tengwong further revealed that within the past 48 hours, large portions of farmland in Kassa, Barkin Ladi Local Government Area, were destroyed by gunmen.

Crops such as cabbage, hot pepper, and maize were affected, compounding the hardship faced by farmers in the region.

The latest killings have heightened tension across Riyom and neighbouring Barkin Ladi communities, with residents calling on security agencies and government authorities to urgently step up efforts to curb the persistent violence and protect lives and livelihoods.

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Energy Crisis Looms as Experts Push Reforms, Cash Support for Nigerians

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NNPCL Raises Official Fuel Pump Price To N537 Per Litre

Energy experts have raised fresh concerns over a looming crisis in Nigeria’s energy sector, urging urgent reforms and targeted cash transfers to cushion the impact of rising fuel prices on vulnerable citizens.

The warning comes amid continued volatility in global oil markets, driven by geopolitical tensions between the United States and Iran, which have pushed up crude oil prices and worsened domestic fuel costs.

The call was made ahead of the 19th annual international conference of the Nigerian Association for Energy Economics, scheduled to hold in Lagos from April 26 to 29, 2026.

SEE ALSO: Airlines Threaten Shutdown over Skyrocketing Fuel Price

The event will bring together policymakers, regulators, investors, academics, and development partners to deliberate on the implications of global energy shocks on African economies.

A former president of the association, Adeola Adenikinju, described the situation as a “two-edged sword,” noting that while Nigeria could benefit from increased oil revenues, the same trend is deepening economic hardship for citizens.

According to him, rising petrol prices have triggered increases in transportation fares and inflation, placing significant pressure on low-income households.

“This is the time that Nigeria should say, ‘Look, we are sending some cash to those poor people who are vulnerable,’” he said.

Adenikinju, however, identified the absence of a reliable and comprehensive database of vulnerable Nigerians as a major policy gap, warning that it continues to hinder the effective implementation of targeted social interventions.

“If we have the data of all the poor people, this is the time that Nigeria should send some cash to those who are vulnerable, but we don’t have the data,” he added.

He further noted that recent increases in allowances for civil servants may provide limited relief but exclude millions of Nigerians in the private and informal sectors, stressing the need for coordinated efforts between federal and state governments to design broader and more inclusive support mechanisms.

Beyond immediate intervention, the economist called for structural reforms aimed at strengthening Nigeria’s social protection systems and improving its capacity to respond to external economic shocks.

Also speaking, the association’s president, Hassan Mahmud, said the conference comes at a critical time when Africa faces the challenge of balancing energy security, affordability, and sustainability amid a global transition to cleaner energy.

He noted that discussions would explore how emerging technologies such as renewable energy, energy storage, and digital systems can shape the continent’s energy future, alongside economic frameworks and public policies needed to attract investment and drive industrialisation.

Mahmud highlighted concerns that Africa, despite contributing less than four per cent of global carbon emissions, is facing increasing pressure to decarbonise without adequate financing or technological support.

According to him, the conference is designed to reposition the energy transition as an opportunity for economic growth, job creation, and poverty reduction rather than a constraint on development.

Participants are expected to engage in high-level plenary sessions, technical discussions on energy markets and policy reforms, industry showcases highlighting innovation across the energy value chain, and strategic dialogues aimed at producing actionable policy recommendations for governments and institutions across the continent.

The event will also feature a technical visit to the Dangote Refinery, described as the largest single-train refinery in the world, to provide first-hand insight into Nigeria’s refining capacity and its role in strengthening energy security in West Africa.

High-profile participants expected at the conference include billionaire businessman Tony Elumelu; the Chief Executive of the Dangote Group, David Bird; a former Minister of Power, Barth Nnaji; alongside energy regulators and other key stakeholders.

Adding to the policy debate, another former president of the association, Yinka Omorogbe, called for a fundamental shift in Nigeria’s energy strategy, particularly towards strengthening the downstream sector.

She criticised the country’s overreliance on crude oil exports, describing the upstream sector as an enclave industry with limited job creation potential.

“When you now open up the downstream and really make it functional and viable, you have industries throwing in hundreds of thousands of jobs into Nigeria,” she said.

Omorogbe emphasised that boosting domestic refining capacity would reduce dependence on fuel imports, create employment opportunities, and stabilise energy costs, warning that failure to act could expose Nigerians to even higher fuel prices.

Stakeholders are also expected to examine how Africa can leverage its vast hydrocarbon resources alongside its renewable energy potential to drive a pragmatic and inclusive energy transition.

The association further called on members of the media, private sector players, and development institutions to actively participate in amplifying the outcomes of the conference, noting that its resolutions are expected to influence policy direction and investment decisions across Africa’s energy sector.

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