The Nigerian Education Loan Fund (NELFUND) and the Economic and Financial Crimes Commission (EFCC) have signed a Memorandum of Understanding (MoU) aimed at strengthening institutional collaboration, enhancing transparency and accountability, and exploring areas of mutual interest in advancing sustainable education financing in Nigeria.
The agreement was reached on Wednesday, September 23, 2026, when a delegation from NELFUND, led by its Managing Director/Chief Executive, Mr. Akintunde Sawyerr, engaged with the EFCC on areas of cooperation capable of strengthening the systems supporting the Fund’s mandate.
A key component of the newly signed MoU is collaboration around funds recovered through the activities of the EFCC, with both institutions exploring opportunities for recovered resources to support NELFUND’s mission of expanding access to sustainable financing for tertiary education, subject to applicable laws, regulations and established procedures.
Beyond funding, the engagement placed strong emphasis on institutional controls, transparency and accountability. Both organisations discussed ways to deepen synergy, optimise processes, identify and close potential loopholes, and strengthen systems for the effective management of resources.
The collaboration is expected to provide a stronger institutional framework for ensuring that resources deployed towards student financing are managed with greater efficiency and accountability as NELFUND continues to expand its programmes for Nigerian students.
Speaking through the engagement, the NELFUND delegation was led by Sawyerr and included the Executive Director, Operations, Mr. Mustapha Iyal, alongside senior management officials.
Other members of the delegation included Dr. Zino Ugboma, Director, Human Resources; Hajiya Lami Suwaid, Director, Loan Allocation & Distribution; Ms. Oluwatosin Sanusi, Head, Investment & Fund Management; Mr. Tolutayo Olajolo, Head, Facility & Fleet Management; Mrs. Chekwube Okwara, Head, Anti-Corruption and Transparency Unit (ACTU); Mr. Akeem Lawal, Consultant to NELFUND on Anti-Corruption; Mrs. Tobechukwu Rapu-uneanya, Manager, Legal; and Mr. Daniel Adeniran, Assistant Manager, Strategic Communications.
Following the meeting and MoU signing, Sawyerr and Iyal participated in a brief radio interview at the EFCC Radio Station, where they discussed the engagement, the new agreement and the importance of stronger institutional partnerships in advancing NELFUND’s objectives.
The development marks another step in NELFUND’s efforts to build strategic partnerships with relevant government institutions while strengthening internal controls and promoting transparency and accountability in the delivery of its student financing mandate.
The Fund said the partnership reinforces its commitment to developing stronger systems capable of supporting efficient resource management and sustainable financing opportunities for Nigerian students.
