EFCC to NELFUND: Send student loans directly to beneficiaries

The Economic and Financial Crimes Commission (EFCC) has urged the Nigerian Education Loan Fund (NELFUND) to ensure that federal government-approved student loan funds reach beneficiaries directly.

EFCC Chairman, Ola Olukoyede, gave the charge on Wednesday at the commission’s corporate headquarters in Abuja during the signing of a memorandum of understanding (MoU) between both agencies.

“Let it go directly to the human beings,” he said, advising NELFUND to explore direct disbursement, subject to appropriate verification by educational institutions.

Peoples Gazette reports that both agencies will now set up a joint team tagged “Fraud Assessment and Control Unit” to ensure compliance with guidelines and prevent the diversion of funds.

Olukoyede said the partnership should focus on prevention rather than waiting until funds are stolen. He noted that a substantial proportion of those investigated for cybercrime are young people and, in some cases, students.

He expressed confidence that the MoU would strengthen risk assessment, improve accountability and protect the programme beyond the current leadership of both institutions.