TETFund, EFCC collaborate on utilization of intervention funds

The Tertiary Education Trust Fund (TETFund) has established collaboration with the Economic and Financial Crimes Commission (EFCC) to ensure the judicious utilization of intervention funds by beneficiary Institutions in Nigeria.

The collaboration between the agencies was sealed when the Executive Secretary of TETFund, Sonny Echono led the Management of the Fund on a courtesy visit to the Chairman of EFCC, Mr. Ola Olukoyede at his office in Abuja.

Speaking at the meeting, Arc. Sonny Echono stated that the visit was to show TETFund’s approval of the Commission’s efforts, particularly in ensuring that Education Tax entrusted to the Fund to improve the education landscape of Nigeria is judiciously and prudently utilized for the good of all.

Echono noted that as part of efforts towards preventing financial infractions, the Fund had in the past taken some preventive measures such as collaboration with the Bureau for Public Procurement (BPP) for enlightenment of heads of Beneficiary Institutions on procurement processes.

” I appealed for a similar forum involving the EFCC and the Fund’s beneficiary Institutions,” he said.

While identifying contract system improvement as an area of focus with the EFCC, he expressed hope that the visit will send a strong signal to Beneficiary Institutions and their contractors on the need for probity and judicious utilization of taxpayers’ money.

In his remarks, EFCC Chairman, Mr. Ola Olukoyede expressed delight with the visit noting that it would create awareness that both agencies are working together. According to him, “when people become aware that we are working together, it will send a signal across to those who want to cut corners or play smart”. 

Mr. Olukoyede urged the Fund to show greater commitment to the monitoring of its projects in beneficiary Institutions to prevent cases of delays, non-execution or abandonment of projects by contractors engaged by the institutions.

He also urged the Executive Secretary to discharge the duties of his office with probity and accountability saying “So much trust has been placed on your shoulders vis-a-viz the source of your revenue, which is taxpayers’ money. Trust is a burden, a big one indeed, particularly when you are ready to be focused and do the right thing.

“There will be distractions here and there particularly in the environment where we found ourselves, where people are used to cutting corners. But the onus is on us to do the right thing”.  He encouraged the Executive Secretary to always ensure that the right thing is adhered to in line with the statute,” he said

While revealing that over 90 per cent of public corruption cases being investigated by his agency was in the areas of contract and procurement activities, he assured that the EFCC would be willing to collaborate much more with the Fund.