Key points to remember:
- EFCC warns VCs against financial crimes.
- Monitoring of university budgets to increase.
- NELFUND disbursement to be closely watched.
- Emphasis on prevention over prosecution.
EFCC Boss Issues Stern Warning
During a strategic meeting in Abuja, involving the EFCC, VCs, and the National Universities Commission (NUC), Mr. Olukoyede made it clear that the EFCC is serious about tackling corruption in the education sector. He pointed out that fraud risk assessment in universities is critically low, with due diligence often lacking in contract awards.
‘Prevention is Key’ – EFCC’s New Mantra
Olukoyede stressed that preventing financial crimes is more effective than waiting for the money to be stolen. He emphasized the importance of accountability and transparency in managing resources, stating, “It’s not going to be my delight to see any of you sitting in our interrogation rooms.”
NELFUND: A Trust That Must Not Be Broken
The EFCC Chairman also addressed the Nigerian Education Loan Fund (NELFUND), assuring that the commission will ensure every kobo reaches the intended beneficiaries. He revealed that a significant portion of NELFUND’s seed fund came from recovered loot, approved by President Bola Ahmed Tinubu. Mismanagement of these funds, Olukoyede warned, would be a “crime against humanity.”
NUC’s Commitment to Good Governance
The Executive Secretary of the NUC, Professor Abdullahi Yusufu Ribadu, stated that the meeting was convened at the request of President Tinubu to strengthen accountability and integrity in the education sector. He urged VCs to uphold transparency in their leadership.
Common University Financial Crimes
Mr. Abdulkarim Chukkol, the Director of Investigation at the EFCC, highlighted common financial infractions reported 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
- Cash-for-grade schemes
Call to Action for University Administrators
The EFCC is urging university administrators to implement internal control measures and remain vigilant to avoid financial crime traps. The Managing Director of NELFUND, Mr. Akintunde Sawyer, emphasized the importance of a robust disbursement system to prevent abuse.
The Bigger Picture: Education and National Security
Olukoyede warned that mismanagement of education funds could lead to school dropouts and push vulnerable youths into crime, including terrorism and kidnapping. He stressed the strong link between education and national security, urging judicious use of public resources.
A Word of Caution
The EFCC’s message is clear: University administrators must act with integrity and transparency. The commission is watching, and any actions that raise suspicion will be thoroughly investigated. Prevention is better than cure, and staying on the right side of the law is the best way to avoid trouble.