Over 50 Nigerian universities to be investigated by EFCC for alleged student loan theft

The Centre for Anti-Corruption and Open Leadership (CACOL) has called for an immediate investigation into reports that 51 Nigerian universities illegally deducted amounts ranging from N3,500 to N30,000 from student loans provided under the Nigerian Education Loan Fund (NELFUND) scheme.

In a statement issued by CACOL’s Director of Administration and Programmes, Tola Oresanwo, the organization expressed concern over the financial exploitation of students. The group urged the Federal Ministry of Education, the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices Commission (ICPC) to take swift action in addressing what it called a serious violation of students’ rights.

The illegal deductions, which allegedly left many students financially burdened and struggling to meet their academic needs, represent a betrayal of the purpose of the federal student loan initiative. This initiative was intended to help underprivileged students access education without the barrier of financial hardship.

Oresanwo emphasised the severity of the situation, stating, “If confirmed, these actions are a gross abuse of a program meant to empower students and support their education.” He also warned that such corrupt practices could undermine the objectives of the student loan scheme.

In response, CACOL has outlined a series of demands for action:

• Immediate Investigation: Calling for the Federal Ministry of Education, EFCC, and ICPC to probe the matter and bring the guilty parties to justice.

• Transparency and Accountability: Demanding that universities involved clarify the deductions and fully refund affected students.

• Policy Reforms: Urging the government to strengthen regulations surrounding student loan disbursements to prevent future abuse.

CACOL has reaffirmed its commitment to tackling corruption and standing up for the rights of Nigerian students. “Education is a fundamental right, and no student should face exploitation while pursuing their academic dreams,” the group concluded.