The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has warned Vice-Chancellors of Federal and State Universities to steer clear of practices that could lead them to interrogation rooms.
Olukoyede delivered this warning in Abuja at a strategic meeting involving the EFCC, Vice-Chancellors of Federal and State Universities, and the National Universities Commission (NUC).
He disclosed that the EFCC would now begin monitoring how institutions manage their budgets and allocate 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 said, “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.
“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 stressed that prevention remains the most effective method for combating financial crimes. “By virtue of 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 faced 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 said.
He reaffirmed the commission’s determination to ensure that every kobo allocated for the students’ loan scheme through the Nigerian Education Loan Fund (NELFUND) reaches its intended beneficiaries.
Olukoyede said, It will be a crime against humanity if recovered loot is re-looted again. It’s a fight to the finish and we will not allow that to happen. That is why I am passionate about this, because it takes a lot from us to recover these funds. Therefore, 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.”
Speaking further, Olukoyede explained that a significant 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 emphasised that proper management of the funds was not only a moral responsibility but a national imperative.
He urged 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 request 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.
The Director of Investigation at the EFCC, Mr. Abdulkarim Chukkol, provided a breakdown of common financial infractions reported to the Commission from universities. These include procurement and contract fraud, payroll and salary fraud, unauthorized allowances, admission and transcript fraud, abuse of Internally Generated Revenue (IGR), research grant mismanagement, fictitious projects, and cash-for-grade schemes.
He advised Vice Chancellors to implement internal control measures and stay alert to avoid traps that could harm their careers and institutions.
Additionally, the Managing Director of NELFUND, Mr. Akintunde Sawyer, emphasised the importance of getting the fund’s disbursement process correct. “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 provided Vice-Chancellors with an opportunity to share their experiences with financial matters and called for direct disbursement of NELFUND releases to students.
