By Admin
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the House of Representatives to join forces with the Commission in safeguarding the Nigerian Education Loan Fund (NELFund) from mismanagement and corruption.
Speaking during on Tuesday, during a courtesy visit by the House Committee on Students Loans, Scholarships and Higher Education Financing to the EFCC headquarters in Abuja, Olukoyede emphasized the need for proactive measures to ensure the success and transparency of the newly established loan scheme for Nigerian students.
“It is important to make sure that this scheme succeeds, because we pass good laws but the implementation is always lacking. We need to strengthen these processes and be ready to make sacrifices,” Olukoyede said. “At least for once, let’s give Nigerians a sense of good governance… The NELFund is an agency we must partner with.”
The EFCC boss disclosed that the Commission had contributed N50 billion as seed capital to support the takeoff of the NELFund, describing it as a landmark intervention in Nigeria’s quest to expand access to higher education. He stressed that accountability and oversight must remain at the core of the initiative to prevent the recurrence of past failures in public funding.
He also revealed that the EFCC has created a Fraud Risk Assessment and Control Department to prevent misuse of public funds and promised to establish a dedicated NELFund Desk within the Commission to enhance information sharing and swift action on any emerging financial irregularities.
“We should beam our searchlights on NELFund. If they know that the National Assembly has a searchlight on them, it will go a long way in checkmating them,” Olukoyede added. “I strongly believe in prevention. We don’t have to wait for things to get bad before taking action.”
In response, the Chairman of the House Committee, Ifeoluwa Ehindero, commended Olukoyede’s leadership and pledged the Committee’s readiness to collaborate with the EFCC to ensure the integrity of the loan scheme.
“We are aware of the public expectations on us to ensure proper oversight of NELFund,” Ehindero said. “We look forward to strong and sustained collaboration with the EFCC in joint monitoring and auditing of NELFund disbursements and processes.”
He noted that the Committee was committed to upholding transparency and accountability in the operations of NELFund, especially in light of public concerns over possible ethical breaches and administrative irregularities.
According to Ehindero, inter-agency collaboration will be critical in building anti-corruption safeguards and ensuring that funds meant for students are not diverted.
He lauded the EFCC for its N50 billion contribution, describing it as a clear demonstration of the Commission’s dedication to national development and the fight against poverty, ignorance, and crime through access to education.
The visit ended with both parties reaffirming their commitment to ensuring that the NELFund becomes a model of transparency and impact for Nigeria and other nations to emulate.
