EFCC, Lawmakers Vow to Make NELFund a Model for Nigeria

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged the House of Representatives to intensify efforts in collaboration with the EFCC to transform the Nigerian Education Loan Fund (NELFund) into a model for effective education funding and governance. Olukoyede offered this charge during a working visit by the House Committee on Students Loans, Scholarships and Higher Education Financing, led by Chairman Honourable Ifeoluwa Ehindero, to the EFCC’s headquarters on Tuesday, July 29, 2025.

Highlighting the persistent challenge of policy implementation in Nigeria, Olukoyede stressed the need for diligence and sacrifice to ensure that the NELFund initiative delivers tangible results. “We must make sure this scheme succeeds. Good laws are often undermined by weak implementation,” he stated. “Let’s give Nigerians a sense of good governance, so that not only here, but in the comity of nations, they can see what we are doing and be proud of us.”

The EFCC boss revealed that the commission supported the establishment of NELFund with a N50 billion seed fund—an unprecedented move aimed at empowering Nigerian youth through education. He called for increased oversight by the National Assembly and announced the creation of a NELFund Desk at the EFCC to facilitate swift information sharing and proactive intervention in the Fund’s management.

Olukoyede also emphasized the importance of preventive measures against corruption. “When I assumed office, I set up a Fraud Risk Assessment and Control department to focus on prevention. We don’t have to wait for things to go wrong before acting,” he asserted.

ADVERTISEMENT

In response, Honourable Ifeoluwa Ehindero praised Olukoyede’s leadership, affirming the Committee’s commitment to partnerships that would guarantee Nigerian students fair access to higher education, free from financial constraints. Ehindero acknowledged the public’s expectations for vigilant oversight and reaffirmed the lawmakers’ readiness to collaborate with the EFCC in monitoring, auditing, and enhancing NELFund’s operations.

“We look forward to a strong and sustained collaboration with the EFCC in joint monitoring and auditing of NELFund disbursements and processes, intelligence sharing, and building anti-corruption frameworks within the Fund and its partners,” Ehindero said. He noted that the EFCC’s N50 billion support reflected a deep commitment to national development, recognizing education as a crucial tool in the fight against poverty, ignorance, and crime.

Ehindero encouraged Olukoyede to remain steadfast, describing him as a beacon of hope for institutional accountability in Nigeria. Together, both institutions aim to make NELFund a benchmark for transparent and effective educational financing in the country.