The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said the anti-graft agency will work with the Nigerian Education Loan Fund (NELFUND) to strengthen safeguards around student loan funds and ensure they reach eligible beneficiaries.
Olukoyede disclosed this in a post shared on his official X account, following the signing of a Memorandum of Understanding (MoU) between the EFCC and NELFUND.
According to him, the partnership is aimed at strengthening collaboration between both institutions to protect funds meant for Nigerian students and prevent diversion or misuse.
He said the initiative goes beyond the recovery of proceeds of crime and focuses on ensuring that recovered public funds are used to improve the lives of Nigerians.
“Yesterday, I signed an MoU with NELFUND to strengthen our collaboration in ensuring that funds meant to support Nigerian students are protected and get to the intended beneficiaries,” Olukoyede stated.
He added that the EFCC would work closely with NELFUND to strengthen preventive controls, identify potential vulnerabilities in the system and ensure that approved funds are disbursed directly to genuine students without diversion or unnecessary intermediaries.
The EFCC chairman stressed that accountability and transparency remain critical to the success of the student loan scheme.
“For me, this is not just about recovering proceeds of crime. It is about ensuring that recovered funds are put to productive use and make a real difference in the lives of Nigerians,” he said.
Olukoyede further noted that every recovered public fund should serve a meaningful purpose, adding that supporting access to education represents an investment in the future of the country.
“Every naira recovered must serve a purpose. In this case, that purpose is helping our young people access education and build a better future,” he added.
The partnership is expected to enhance oversight of the student loan programme and strengthen efforts to ensure that education financing reaches the students it is intended to support.
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