…Warns universities against mismanagement
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has reaffirmed the Commission’s commitment to ensuring that every kobo allocated to the Nigerian Education Loan Fund (NELFUND) reaches its intended student beneficiaries.
Speaking in Abuja on Wednesday, 9 July 2025, at a high-level strategy meeting with Vice-Chancellors of federal and state universities and the National Universities Commission (NUC), Olukoyede stressed the EFCC’s zero-tolerance stance on the misappropriation of recovered funds.
“It would be a grave injustice if funds recovered from criminals were to be misappropriated again. This is a battle we are determined to win. I am passionate about this because recovering these resources is a painstaking process, and we must manage them with the highest standards of accountability and transparency. If you were in our position, you would understand our concern,” Olukoyede stated.
He explained that a significant portion of NELFUND’s seed capital was drawn from proceeds of crime recovered by the EFCC, with presidential approval, underlining the importance of its careful management as both a moral obligation and a national priority.
“The development of the education sector is vital. A nation cannot progress without investing in its intellectual capital. While resources may never be entirely sufficient, the least we can do is to manage what we have prudently,” he said.
Olukoyede disclosed that the Commission would now begin to monitor how universities manage their budgets and apply funds for institutional development. He noted that the education sector often scores low in fraud risk assessments, with due diligence frequently overlooked in areas such as contract awards.
He cautioned Vice-Chancellors to avoid practices that could attract investigation. “It is never pleasant to see anyone from the academic community in our interrogation rooms. That’s why engagements like this are necessary—to inform you of what to avoid,” he added.
The EFCC Chairman stressed that prevention remains the most effective tool in the fight against financial crimes. “In my view, prevention is more valuable than prosecution. You don’t have to wait until funds are looted before taking action,” he said.
He further pointed out that ignorance of the law is no defence, which is why educational sessions with stakeholders are essential to fostering compliance.
Olukoyede also appealed to university leaders to ensure that funds such as NELFUND are properly utilised to help reduce school dropout rates and deter young Nigerians from turning to crime. “When education funding is mismanaged, the consequences can be dire. It increases vulnerability and may drive young people toward terrorism, kidnapping, and other criminal activities. There is a clear link between lack of education and poverty,” he warned.
In his opening remarks, the Executive Secretary of the NUC, Professor Abdullahi Yusufu Ribadu, said the meeting was convened on the instruction of President Bola Tinubu to deepen accountability and good governance in Nigeria’s education system.
“It is a privilege to welcome you all to this strategic engagement. Your presence speaks to the importance we attach to this national responsibility,” Ribadu said. He acknowledged the pivotal role Vice-Chancellors play in university administration and urged them to prioritise integrity and transparency.
Ribadu also commended Olukoyede for repositioning the EFCC as both an enforcement and preventive body. “This dual approach demonstrates the depth of your vision,” he remarked.
Providing further insight, EFCC Director of Investigation, Mr Abdulkarim Chukkol, outlined common financial infractions reported within universities. These included procurement and contract fraud, unauthorised allowances, payroll manipulation, admission and transcript racketeering, abuse of Internally Generated Revenue (IGR), research grant mismanagement, and cash-for-grade scandals.
He encouraged universities to strengthen internal control mechanisms and stay alert to fraudulent practices that could undermine their institutions and careers.
Also addressing the meeting, the Managing Director of NELFUND, Mr Akintunde Sawyer, underscored the importance of ensuring a robust, transparent disbursement process. “We cannot afford shortcuts. Getting the process right is vital not only for investigation and audit purposes but for building a durable and abuse-proof funding system,” he said.
Vice-Chancellors at the meeting used the opportunity to share their experiences and challenges in managing educational finances. Many advocated for the direct disbursement of NELFUND allocations to students to eliminate administrative bottlenecks and reduce opportunities for misuse.
