EFCC vows to ensure NELFUND serves intended purpose
The Executive Chairman of the Economic and Financial Crimes Commission, (EFCC) Mr. Ola Olukoyede has said the Commission would ensure that money 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 at a strategic meeting involving the EFCC, Vice-Chancellors of Federal and State Universities and National Universities Commission, NUC.
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 most 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, he explained that a reasonable portion of the seed fund for NELFUND was sourced from proceeds of crime recovered by the EFCC, with the approval of President Bola Ahmed Tinubu.
He emphasized 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 where 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.
He further warned Vice Chancellors to steer clear of practices that could land them in interrogation rooms, adding “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 emphasized that prevention remains the most effective approach to fighting financial crimes, saying “By virtue of my belief, prevention is key. You don’t always have to wait for money to be stolen before taking action.”
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.
Meanwhile, the Managing Director of NELFUND, Mr. Akintunde Sawyer, stressed the importance of getting the fund’s disbursement process right, adding “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.”
