EFCC Probes VCs Over Contract Fraud, Fee Diversion

The Economic and Financial Crimes Commission (EFCC) has opened investigations into the financial activities of several university authorities across Nigeria over allegations of contract inflation and diversion of students’ fees.

The anti-graft agency disclosed that some Vice Chancellors in both public and private institutions are currently under scrutiny for alleged financial misconduct involving multi-billion-naira funds generated from tuition and other internal revenues.

Chairman of the commission, Olanipekun Olukoyede, made this known at the 8th Biennial Conference of the Committee of Pro-Chancellors of State-Owned Universities held in Kano.

He said findings from ongoing investigations point to widespread irregularities within the university system, including inflated contracts, ghost workers and mismanagement of funds.

“The EFCC has investigated cases involving inflated contracts, ghost workers and diverted student fees in tertiary institutions across the country,” Olukoyede said, adding that a former vice chancellor is already facing imminent prosecution.

He described the trend as a serious breach of public trust, noting that university administrators are entrusted with resources meant to support education and national development.

According to him, such practices not only drain public funds but also undermine confidence in the country’s higher education system.

Beyond financial impropriety, the EFCC raised alarm over what it described as a growing wave of cybercrime among university students.

Olukoyede said recent assessments by the commission indicate that a significant proportion of undergraduates are involved in internet fraud and related offences.

“My research in the last year has shown that about six out of 10 students in our universities are into cybercrime. It is a very disturbing situation,” he said.

He noted that many suspects arrested during anti-cybercrime operations were students, with some allegedly using illicit proceeds to influence academic processes, including compromising lecturers.

The EFCC boss attributed the trend to systemic weaknesses within the university structure, including lapses in oversight and regulatory enforcement.

He cited a recent operation in Lagos where hundreds of suspects linked to a transnational cybercrime network were apprehended, adding that a notable number of those arrested were students.

Olukoyede explained that the operation relied on advanced technology tools, including artificial intelligence, to track and dismantle the network, highlighting the increasing sophistication of cybercrime activities.

He warned that unless urgent measures are taken, the situation could further erode the integrity of Nigeria’s academic institutions and expose the country to greater reputational risks.

The EFCC reiterated its commitment to strengthening accountability across all sectors, including education, and vowed to pursue all cases of financial misconduct to their logical conclusion.