The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has urged the Nigerian Education Loan Fund, NELFUND, to ensure that approved student loan funds reach their intended beneficiaries directly.
Olukoyede made the call on Wednesday, September 23, 2026, in Abuja during the signing of a Memorandum of Understanding, MoU, between the EFCC and NELFUND aimed at strengthening accountability and preventing financial infractions in the management and disbursement of funds allocated for educational support.
The EFCC chairman described NELFUND as one of the major initiatives of the President Bola Ahmed Tinubu administration and commended its management for expanding access to education financing for Nigerian students.
Under the agreement, both institutions will establish a joint Fraud Assessment and Control Unit to review processes, identify vulnerabilities and strengthen internal controls against diversion and other financial crimes.
Olukoyede said the collaboration would focus more on prevention by enabling the EFCC to work with NELFUND to identify potential risks before funds are misappropriated. He also advised the agency to explore direct disbursement mechanisms, with educational institutions helping to verify the identities and eligibility of beneficiaries.
He explained that the EFCC’s interest in the programme was also linked to the need to support young Nigerians, noting that young people, including students, constitute a significant proportion of persons investigated for cybercrime.
Olukoyede said recovered proceeds of crime should be put to productive use for the benefit of Nigerians, particularly in ways that could address vulnerabilities that expose young people to economic crimes.
He further urged NELFUND to access only funds legitimately allocated to it and ensure that such resources are applied promptly for their intended purposes.
Speaking earlier, NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyer, commended the EFCC for its preventive approach to financial crimes, saying the partnership had helped strengthen transparency and accountability in the management of the Fund’s resources.
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