FG summons VCs to answer questions over alleged fraud in student loan scheme

The Nigerian Federal Government has summoned Vice Chancellors of approximately 51 institutions and the Managing Director of Nigeria Education Loan Fund (NELFund) to investigate alleged illegal deductions from student loan funds.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is conducting a probe into reported discrepancies totaling ₦71.2 billion.
Education Minister Olatunji Alausa labeled the allegations as a serious breach of public trust and emphasized the government’s commitment to transparency and accountability.
The Ministry plans to collaborate with the Athena Centre to launch compliance-tracking initiatives, including a transparency index and training programs for university financial and ICT officers.