Abuja, July 9, 2025 — The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has reaffirmed the Commission’s unwavering commitment to ensuring that the Nigeria Education Loan Fund (NELFUND) serves its intended purpose of empowering students, and not falling victim to corruption or misappropriation.
Speaking on Tuesday in Abuja, Olukoyede stressed that every kobo allocated to the student loan initiative will be diligently monitored and protected from diversion, manipulation, or fraudulent claims. He noted that the EFCC is already developing monitoring strategies to trace the disbursement and utilisation of funds under the scheme.
“We are determined to ensure that NELFUND does not become another avenue for racketeering or ghost beneficiaries. Every fund released must directly impact the lives of deserving Nigerian students. Our approach is preventive, proactive, and firm,” Olukoyede stated.
He emphasised that with the increasing volume of funds earmarked for educational support, the Commission will work closely with NELFUND administrators, tertiary institutions, and relevant ministries to guarantee accountability and transparency throughout the process.
Olukoyede also revealed that the EFCC has strengthened its internal compliance systems and created a dedicated desk to track disbursements under major social intervention programmes, including the student loan scheme. This move is in line with the Commission’s new strategy to combat economic and financial crimes through structural reform and preventive action rather than solely reactive prosecution.
The EFCC chairman called on students, parents, and academic stakeholders to remain vigilant and report any suspicious activities or irregularities surrounding the loan scheme.
The NELFUND initiative, recently launched by the Federal Government, is aimed at providing accessible and interest-free financial assistance to indigent Nigerian students in tertiary institutions. Its rollout is part of broader education reforms intended to boost human capital development, reduce dropout rates, and build a competitive knowledge economy.
