EFCC Probes VCs Over Contract Fraud, Fee Diversion; Says 60% of Nigerian Students Involved in Cybercrime
The Economic and Financial Crimes Commission (EFCC) has raised alarm over widespread financial misconduct in Nigerian universities, revealing that several Vice Chancellors are under investigation for alleged inflated contracts, diversion of students’ registration fees, ghost workers, and other forms of financial impropriety.
EFCC Chairman, Ola Olukoyede, disclosed this on Tuesday at the opening of the 8th Biennial Conference of the Committee of Pro-Chancellors of State-Owned Universities in Nigeria (COPSUN) held in Kano.
Olukoyede said university administrators entrusted with managing multi-billion-naira budgets generated from tuition and internally generated revenue must be held accountable, stressing that corruption in tertiary institutions represents a betrayal of the trust of students, parents, taxpayers, and government.
He revealed that the commission had recently been asked to file charges against a former Vice Chancellor over alleged misconduct.
The EFCC boss also expressed concern over what he described as a disturbing rise in cybercrime among Nigerian undergraduates, claiming that about six out of every 10 university students are involved in internet fraud and related offences.
“My research in the last one year has shown that about six out of 10 students in our universities are into cybercrime. It is a very disturbing situation,” he said.
According to him, investigations and recent field operations by the commission showed that many students arrested for cybercrime had allegedly compromised academic integrity by placing lecturers on their payroll.
Olukoyede cited the December 2024 arrest of 792 suspected cyber fraudsters in Lagos, noting that a significant number of them were students. He said the operation, aided by Artificial Intelligence (AI) tools, exposed the scale and sophistication of cybercrime networks operating in and beyond Nigeria.
He also warned about the growing trend of “Yahoo Plus,” where internet fraud is allegedly mixed with fetish practices.
Speaking on the conference theme, “Unlocking the Potentials of Artificial Intelligence: University Governance, Internationalisation and Rankings,” Olukoyede advocated the use of AI in fraud detection, payroll management, procurement monitoring, and safeguarding academic integrity.
He added that the EFCC has already begun deploying AI in investigations, including digital forensics, suspicious transaction monitoring, and financial tracking.
“A university that lacks financial accountability cannot credibly train future professionals. The integrity of our universities is a matter of national security,” he said.