The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has raised alarm over what he described as a disturbing pattern of financial abuses in Nigerian universities, including the diversion of students’ fees and systemic contract fraud.

Speaking in Kano at the 8th Biennial Conference of the Committee of Pro-Chancellors of State Universities in Nigeria, Olukoyede said EFCC investigations had exposed a range of corrupt practices in tertiary institutions nationwide.

According to him, the commission has handled cases involving inflated contracts, ghost workers and the diversion of tuition and other statutory payments made by students and their families. Each of these cases, he stressed, represents not only a loss of public funds but a deep betrayal of the trust reposed in universities by parents, students and taxpayers.

Olukoyede noted that universities now control multi-billion naira budgets sourced from tuition fees, TETFund allocations, research grants and internally generated revenue. Despite this, he said, accountability and transparency remain weak, creating fertile ground for fraud and mismanagement.

He warned that institutions that fail to manage their finances with integrity cannot credibly claim to be training the professionals needed to reform the wider economy. A university that lacks financial accountability, he argued, cannot produce credible accountants, auditors or managers, while one that tolerates fraud cannot claim to be shaping ethical leaders.

To confront these challenges, the EFCC chairman urged governing councils and management teams to embrace Artificial Intelligence as a core tool of financial and ethical governance. He described AI as a necessary defence against modern financial crimes and said Nigerian universities must not be left behind in the global shift toward technology-driven oversight.

Olukoyede outlined key areas where AI could be deployed, including fraud detection, automated auditing, payroll monitoring, procurement tracking and systems that safeguard academic integrity. He further called for the creation of AI and digital governance committees in universities, alongside clear digital integrity strategies and investments in broadband, cybersecurity and cloud infrastructure.

However, he cautioned that technology is not a magic solution. No matter how advanced the tools, he said, their effectiveness ultimately depends on the integrity of the people who design, deploy and operate them.

Olukoyede called for closer collaboration between universities, the EFCC and other oversight agencies in training, intelligence sharing and joint initiatives, insisting that combating corruption in higher education requires a coordinated, collective effort.