Anti-graft agency warns of financial mismanagement in tertiary institutions, calls for stronger accountability measures.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed concern over the alleged diversion of students’ fees and other funds within Nigerian universities.
Speaking at a recent public engagement, Olukoyede highlighted cases under investigation where funds paid by students for tuition and related charges were reportedly mismanaged or diverted by officials in some tertiary institutions. He warned that such practices undermine trust in the education system and place additional burdens on students and their families.
According to the EFCC boss, the agency has intensified its focus on financial crimes within the education sector as part of broader efforts to promote transparency and accountability in public institutions. He noted that investigations are ongoing, although specific institutions or individuals were not publicly named.
The issue of financial mismanagement in Nigerian universities has been a recurring concern, with past reports pointing to irregularities in fee collection, contract awards, and internal financial controls. Analysts say increased scrutiny by anti-corruption agencies could help deter such practices if followed by transparent prosecutions.
Olukoyede urged stakeholders, including university administrators and regulatory bodies, to strengthen oversight systems and ensure that funds are properly accounted for and used for their intended purposes.
Details of the specific cases referenced remain limited, as investigations are still ongoing.
The EFCC’s warning signals a renewed crackdown on financial misconduct in higher institutions, with further disclosures expected as probes progress.