The National Universities Commission (NUC) in partnership with the Economic and Financial Crimes Commission (EFCC), last Wednesday, 9th July, 2025, convened a joint strategic meeting of the Vice-Chancellors of Federal and State Universities, targeted at promoting integrity and probity in financial management within the Nigerian universities and address issues of crass corruptions reportedly ongoing in the management of the students loan scheme.
In his welcome remarks at the event, the Executive Secretary, (NUC), Professor Abdullahi Yusufu Ribadu, FCVSN, stated that the meeting was convened at the instance of President Tinubu, with the directive to ensure accountability, integrity and good governance in the country’s higher education sector, especially in the area of Nigeria Education Loan Fund (NELFUND) administration.
While thanking the Vice-Chancellors for the huge turn-out, Professor Ribadu aknowledged the critical role they play in the administration of public universities and also commended the Chairman of Economic and Financial Crimes (EFCC), Mr. Ola Olukoyede, for repositioning the Commission, not only as an enforcement agency, but also as crime preventive one.
In a goodwill message, the Secretary-General Committee of Vice-Chancellors of Nigerian Universities (CVC), Professor Andrew Haruna, expressed delight over the strategic meeting intended to sensitize the Vice-Chancellors on some of the actions that might unitentionally result to financial emabarrassment, especially, non adherence to due process involved in procurement and other administrative and management issues in order to nip them at the bud.
He used the forum to advise the Vice-Chancellors to always seek for guidance and directions where they are in doubts, explaining that University Councils should also be guided by law/due process on the issue of contract approval and award to avoid contraventions of the Procurement Act.
Speaking in the same vein, the Executive Chairman of EFCC, Mr. Ola Olukoyede, reiterated the resolve of the Commission to monitoring and ensuring that funds earmarked for Students Loan Scheme through the Nigeria Education Loan Fund (NELFUND) gets to its intended beneficiaries.
Mr. Olukoyede emphasised that his Commission is passionate about NELFund, due to the difficulty involved in the repatriation of looted funds, warning that it is a crime against humanity for all recovered looted money and deposited according to the President’s appproval by the EFCC into the NELFUND programme to be re-looted.
He stated that proper management of the funds was not only a moral responsibility but a national imperative, pointing out that prevention remained the most effective approach to fighting financial crimes, especially, as ignorance of the law can never be a defense.
This he said, remained the essence of this epoch strategic meeting in order to senstise the university adminsitrators on actions that could constitute financial crimes and the possible ways to avoid them.
Mr. Olukoyede made a passionate appeal by urging the University Accounting Officers to ensure transparency, and acountability of public funds entrusted to their care, highlighting that the mismanagement of funds such as the NELFund could lead to high rate of students drop-out, potentially pushing volunerable youths into terrorism, kidnapping and other social and criminal vices.
In a presentation, the EFCC Director of Investigation, Mr. Abdulkarim Chukkol gave a breakdown of financial infractions frequently reported to the Commission against some of the Universities.
These according to him, include but not limited to: Ignoring due process, frauds, non transparency, mismanagement of funds, fictitious projects, issues on Internally Generated Revenue (IGR), cash-for-grades, etc.
He said the the Vice-Chancellors had the responsibilities to initiate internal control measures to handle issues that might lead to financial embarrassments. Meanwhile, besides this anti-corruption initiative, the EFCC is also providing training and support to university administrators to enhance their understanding of financial compliance and risk management, with the bid to forestall them from running foul of financial crime.