The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the House of Representatives to collaborate with the Commission to ensure the Nigerian Education Loan Fund (NELFund) becomes a model scheme that delivers real impact to young Nigerians.
Olukoyede made the appeal on Tuesday during a working visit by members of the House Committee on Students Loans, Scholarships, and Higher Education Financing, led by Chairman Honourable Ifeoluwa Ehindero, to the EFCC headquarters. The visit and Olukoyede’s remarks were shared via the Commission’s official X (formerly Twitter) handle.
“It is important to make sure that this scheme succeeds, because we pass good laws but the implementation is always lacking,” Olukoyede said. “We need to strengthen these processes to make impact and to do that, you have to make sacrifices. Let’s give Nigerians a sense of good governance.”
Highlighting the EFCC’s support for the take-off of NELFund with a ₦50 billion seed fund, Olukoyede emphasized the need for joint oversight, transparency, and ethical management to ensure the initiative benefits the nation’s youth.
He noted that to prevent financial malpractice, the EFCC had established a Fraud Risk Assessment and Control Department, which focuses on preventive mechanisms rather than reactive investigations.
“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,” he said. “I strongly believe in prevention. We don’t have to wait for things to go bad before acting.”
The EFCC Chairman also announced plans to establish a NELFund Desk within the Commission, dedicated to swift intelligence sharing and timely action.
In his remarks, Hon. Ifeoluwa Ehindero praised Olukoyede for his proactive leadership and reaffirmed the Committee’s commitment to upholding public trust through rigorous oversight of the NELFund’s activities.
“We recognize the pivotal role of the EFCC in ensuring that public funds, including those for education, are used responsibly,” Ehindero stated. “We look forward to a strong and sustained collaboration with the EFCC in monitoring and auditing NELFund disbursements and building anti-corruption frameworks.”
He further noted that the Committee was aware of public concerns regarding possible irregularities in the Fund’s operations and vowed to work closely with the EFCC to safeguard its integrity and ensure access to education for all deserving students.
Commending the EFCC’s ₦50 billion contribution to NELFund, Ehindero described the gesture as a “strong commitment to national development” and a recognition of education as a powerful tool in combating poverty and crime.
He concluded by hailing Olukoyede as “a beacon of hope”, urging him to remain steadfast in his efforts to drive reform and accountability in Nigeria’s public institutions.
@officialEFCC via x.com.
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