EFCC and NELFUND sign MoU to protect student loan funds

The Economic and Financial Crimes Commission (EFCC) and the Nigerian Education Loan Fund (NELFUND) have signed a Memorandum of Understanding (MoU) to ensure accountability in the disbursement of student loans. During the signing ceremony in Abuja, EFCC Executive Chairman Ola Olukoyede urged NELFUND to implement strict measures to prevent the diversion of funds intended for indigent students.

A joint team, named the ‘Fraud Assessment and Control Unit’, will be established to monitor compliance with guidelines and identify vulnerabilities in NELFUND’s processes. Olukoyede emphasized a proactive approach, stating that the partnership aims to focus on prevention rather than reacting after funds have been stolen. He noted that NELFUND is a major legacy project of the administration led by President Bola Ahmed Tinubu.