ICPC Probes 51 Tertiary Establishments Over Unaccounted N159.6bn Pupil Mortgage (FULL LIST)
ICPC has commenced the probe of 51 Tertiary Establishments over unaccounted N159.6bn Pupil Mortgage.
PoliticalNews Nigeria experiences that the Unbiased Corrupt Practices and Different Associated Offences Fee (ICPC) has commenced a probe of 51 tertiary establishments throughout Nigeria after its investigation indicated that N159.6 billion of the N203.8 billion pupil loans launched underneath the Nigeria Schooling Mortgage Fund (NELFUND) have been unaccounted for.
This Nigeria information platform understands that ICPC spokesperson, Demola Bakare mentioned investigation revealed that the overall cash acquired by NELFUND as of March 19, 2024, was N203.8 billion.
ICPC, nonetheless, discovered that the overall 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 out of the overall of N203.8 billion, leaving the stability of N159.6billion.
Based on him, “The breakdown confirmed that N10 Billion was an allocation from the Federation Allocation Account Committee, N50 billion was from the {Economic} and {Financial} 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.
“So far, the overall quantity disbursed to 299 beneficiary establishments stands at roughly N44.2 billion, with 293,178 college students having benefited from the fund.”
ICPC investigation additionally revealed that 51 tertiary establishments have been concerned in unlawful deductions and exploitation associated to the NELFUND scheme.
Based on Bakare, 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 means of the mortgage fund.
“Preliminary findings revealed a big hole within the {financial} 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,” Bakare mentioned.
Following all these discrepancies, the fee confirmed that its chairman’s particular activity power instantly swung into motion upon receiving the report and letters of investigation and invites have been dispatched to key stakeholders, together with the Director Normal of the Finances Workplace, the Accountant Normal of the Federation, and senior officers from the Central {Bank} of Nigeria.
ICPC added that the chief government officer and government director of NELFUND have been invited to supply documentation and explanations related to the case. The responses acquired have been critically analyzed, and interviews have been performed with the involved people.
The ICPC confirmed {that a} clear case of discrepancies has been established within the administration of the scholar mortgage scheme and introduced that its investigation will now lengthen to beneficiary establishments and particular person pupil recipients.