Student loan: Be transparent in disbursing funds, EFCC tasks NELFUND

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the Nigerian Education Loan Fund (NELFUND) to ensure transparency in the disbursement of student loans.

Olukoyede made these remarks while receiving the NELFUND Managing Director/Chief Executive Officer (CEO), Mr. Akintude Sawyerr, on Tuesday at the EFCC headquarters in Abuja.

He emphasized that the initiative is a policy measure aimed at combating corruption.

During the meeting, it was revealed that the EFCC has injected N50 billion from recovered proceeds of crime into the student loan fund, a fact disclosed by the NELFUND boss during his courtesy visit to the EFCC.

The EFCC chairman charged NELFUND management not only to be transparent but also to remain mindful of the trust placed in them.

He declared that the anti-graft agency would leave no stone unturned in ensuring transparency in handling the fund.

“Let your hands be clean. I repeat, let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent,” Olukoyede said.

According to the EFCC boss, the inability of many parents to fund their children’s education has often been a contributing factor to corruption, making students vulnerable to various forms of economic and financial crimes.

He asserted that with the NELFUND initiative by the Tinubu’s administration, this inducement to corruption would be significantly reduced.

“One of the main incentives to cybercrimes is the inability of parents to fund their children’s education. NELFUND is a policy measure against crime. President Tinubu should be commended for initiating the Fund,” he said.

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Olukoyede further vowed that the EFCC would do everything possible to prevent the re-looting of the fund and charged the management to regularly report the disbursement of student loans to the EFCC.

In his words, “I will fight to ensure that money pooled together to support NELFUND is not re-looted. We want your management to provide regular reports of your disbursements to the EFCC.”

Olukoyede also advised Akintunde Sawyerr to be cautious when signing documents presented by his staff saying, “Don’t sign what is not clear to you. Don’t give in to any pressure. Let your staff know that there is no money to share.”

The EFCC Chairman called on Nigerians to support the management of NELFUND to ensure the success of the scheme.

“Nigerians should come together to ensure that the programme succeeds. It is our duty to help the President succeed,” he said.

Earlier, Mr. Sawyerr explained that NELFUND is a laudable programme designed to provide funding for the education of indigent students.

He lamented the neglect of youths over the years, which he said has hindered their educational pursuits.

“The youth constitute the most populous, restive, but neglected segment of our population. President Tinubu identified this as a major problem and put in place a significant solution to address the issue,” he said.

He also commended the EFCC’s injection of N50 billion into the Fund, noting that the courtesy visit was also meant to express gratitude to the anti-corruption commission.

“We are aware of the funds from the proceeds of crime extended to NELFUND. We are here to express our gratitude for the gesture. We also want the EFCC to exercise oversight on what we are doing,” Sawyerr said.

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