The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has reiterated the resolve of the Commission to ensure that every kobo earmarked for the students’ loan scheme through the Nigerian Education Loan Fund, NELFUND, gets to its intended beneficiaries.
He gave the assurance in Abuja on Wednesday, July 9, 2025, at a strategic meeting involving the EFCC, Vice-Chancellors of Federal and State Universities and the National Universities Commission, NUC.
At the meeting, Olukoyede said, “It is going to be a crime against humanity if recovered loot is re-looted again. It’s a fight to finish, and we are not going to allow that to happen. That is why I am passionate about this, because it takes a lot from us to recover these funds. So, we must manage this money in the most accountable and transparent manner. If you were in our position, you wouldn’t be comfortable.
“We must ensure that every dime, every kobo meant to support the educational sector and Nigerian students gets to where it ought to be,” he said.
Speaking further, Olukoyede explained that a reasonable portion of the seed fund for NELFUND was sourced from the proceeds of crime recovered by the EFCC, with the approval of President Bola Ahmed Tinubu.
He emphasised that proper management of the funds was not only a moral responsibility but a national imperative.
According to him, “developing the education sector is key. There’s no way a nation will develop without investing in education. There will never be a time when resources will be enough, but the best way to appreciate what we have is to manage it with utmost accountability.”
He disclosed that the EFCC would now begin to monitor how institutions manage their budgets and apply funds for development, noting that fraud risk assessment in the sector is critically low. “Due diligence is often not carried out, especially in the award of contracts,” he said.
He further warned Vice Chancellors to steer clear of practices that could land them in interrogation rooms. “It’s not going to be my delight to see any of you sitting in our interrogation rooms. It is not palatable, and I won’t like it. That is why we must rub minds, and let you know what you need to know.”
The EFCC Chairman emphasised that prevention remains the most effective approach to fighting financial crimes. “In my belief, prevention is key. You don’t always have to wait for money to be stolen before taking action.”
He lamented that many suspects often claim ignorance when confronted with evidence of financial crimes. “Ignorance is not a defence in law. That is why this kind of engagement is important, to let us understand what our responsibilities are and what actions could constitute financial crimes.”
He concluded by urging the university administrators to ensure the judicious use of public resources, particularly NELFUND, to stem the tide of school dropouts and youth involvement in crime. “If these funds are mismanaged, it may lead to school dropouts and potentially push vulnerable youths into terrorism, kidnapping, and other crimes. There’s a strong nexus between lack of education and poverty,” he said.
In his opening remarks, the Executive Secretary of the National Universities Commission, Professor Abdullahi Yusufu Ribadu, said the meeting was convened at the instance of President Bola Tinubu to strengthen accountability, integrity, and good governance in the country’s education sector.
“It is with great pleasure that I welcome you all to this strategic meeting. The presence of everyone here today reflects the seriousness with which we approach this national assignment,” Ribadu said.
He acknowledged the critical role Vice Chancellors play in the administration of public universities, urging them to uphold integrity and transparency in their leadership.
Ribadu also commended the EFCC Chairman for repositioning the Commission as not only an enforcement body but also a preventive agency. “That speaks volumes about your vision,” he said.
Also speaking, the Director of Investigation of the EFCC, Mr. Abdulkarim Chukkol, presented a breakdown of financial infractions frequently reported to the Commission from the university system. These include procurement and contract fraud, payroll and salary fraud, unauthorised allowances, admission and transcript fraud, abuse of Internally Generated Revenue (IGR), research grant mismanagement, fictitious projects, and cash-for-grade schemes.
He warned Vice Chancellors to institute internal control measures and remain vigilant to avoid falling into traps that could jeopardise their careers and institutions.
Also speaking, the Managing Director of NELFUND, Mr. Akintunde Sawyer, stressed the importance of getting the fund’s disbursement process right. “We can’t cut corners or take shortcuts. We must get the process right. Not just for investigation purposes but to ensure robust disbursement systems that prevent abuse.”
The meeting afforded Vice-Chancellors an opportunity to ventilate their views on their experiences with finances and called for direct disbursement of NELFUND releases to students.
