The Economic and Financial Crimes Commission (EFCC) has raised concern over a prevailing financial impropriety in Nigerian Universities already placing a number of top management of the tertiary institutions under criminal investigation.

Specifically, the Commission disclosed certain Vice Chancellors both from public and private universities are under investigation for alleged inflation of contract, diversion of students registration fees and other related financial impropriety.

Chairman of the Anti-Corruption agency, Mr. Olanipekun Olukayode made the revelation on Tuesday at the opening of 8th Biennial Conference of the Committee of Pro-Chancellors of State University of Nigeria in Kano.

Olukayode asserted that university authorities entrusted with the management of multi-billion naira budgets in tuition fees, and other internally generated revenues are not immune of accountability issues.

He stressed that the pervasive cases in the tertiary institutions are not only a loss of public funds, but a betrayal of trust of Nigerian parents, students, taxpayers, and governments placed in the university system.

“The EFCC has investigated cases involving inflated contracts, ghost workers, and diverted student fees in tertiary institutions across the country. It’s a matter of fact, just this last week, I had a call to file a charge against a vice chancellor who just left the system”. Olokayode emphasized.

Dwelling on the theme of the conference: “Unlocking the Potentials of Artificial Intelligence: University Governance, Internationalization and Rankings”, the EFCC boss argued that application of technology in territory institutions should become a central norm to avoid accountability leakages.

He posited that limited technology applications exacerbate challenges in the system especially in the areas of payroll administration, encourage procurement malpractices, and lead to poor internet control systems.

While advocating for the adoption of technological driven system in the higher learning centers, Olokayode wondered how universities found wanting in financial accountability would credibly train future accountants and auditors.

According to OluKayode, “A university that lacks financial accountability cannot credibly train future accountants and auditors. And one that tolerates fraud cannot produce the ethical professionals our economy needs. And one that tolerates fraud cannot produce the ethical professionals our economy needs.

“The university’s integrity is thus a matter of national security, and artificial intelligence offers transformative tools to defend it. The application of artificial intelligence is why not a silver bullet to all that ails Nigerian universities”. OluKayode added.

Although, the EFCC believed limited technology applications exacerbate challenges in payroll administration, encourage procurement malpractices, and lead to poor internet control systems, he also raised the question around the technical capacity of the institutions to carry the advancement.

He advocated full integration of artificial intelligence in ethical and financial management in Nigerian universities calling on the management to take the advantage to improve their system.

Chairman of the Committee of Pro-Chancellors of the State-Own Universities in Nigeria Prof Ayodeji Omole explained that the conference was a strategic platform for strengthening governance, coherence, building institutional coordination, and advancing the collective interest of public universities in Nigeria.

Professor Omole, said the occasion is also designed to enable policy harmonisation, collective reflection, and informed engagement with government and regulatory bodies.

According to him, participants would also exchange ideas on financial management, infrastructural development, staff welfare, and academic standards bear the paradigm of increasing institutional coordination of areas and strengthening systemic alignment.