EFCC Urges Lawmakers to Ensure Success of Student Loan Scheme

ABUJA, NIGERIA – The Executive Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the House of Representatives to collaborate with the anti-graft agency to ensure the Nigerian Education Loan Fund (NELFUND) becomes a successful and exemplary model.

Mr. Olukoyede made the appeal on Tuesday, July 29, 2025, during a working visit by members of the House of Representatives Committee on Students Loans, Scholarships and Higher Education Financing, led by its Chairman, Ifeoluwa Ehindero.

“It is important to make sure that this scheme succeeds, because we pass good laws but the implementation is always lacking,” Mr. Olukoyede stated. “So, we need to strengthen these processes to make impact and to do that, you have to make sacrifices. We should be ready to work. At least for once, let’s give Nigerians a sense of good governance.”

He emphasised the need for close scrutiny of NELFUND, suggesting that parliamentary oversight would “go a long way in checkmating them.” Mr. Olukoyede also announced plans to establish a dedicated NELFUND Desk within the EFCC to facilitate swift information sharing and action, highlighting his agency’s focus on prevention. He noted that the EFCC had supported NELFUND with a “seed fund” of approximately ₦50 billion (about $33 million USD), describing it as a “great achievement for this administration.”

Earlier, Representative Ehindero praised Mr. Olukoyede’s leadership and affirmed the committee’s readiness to partner with the EFCC. He acknowledged public concerns about potential irregularities and ethical violations in NELFUND’s operations, stressing the committee’s determination to collaborate with the EFCC to safeguard the programme’s integrity.

Representative Ehindero outlined key areas of cooperation, including joint monitoring and auditing of NELFUND disbursements, intelligence and data sharing, and capacity building to develop anti-corruption frameworks within NELFUND and its partner institutions. He described the EFCC’s ₦50 billion contribution as a demonstration of its commitment to national development and its recognition of education as a pillar in the fight against poverty, ignorance, and crime.