EFCC donates N50bn recovered crime proceeds to NELFUND

The Economic and Financial Crimes Commission (EFCC), has donated N50 billion recovered from proceeds of crime, to the Nigerian Education Loan Fund (NELFUND).

The anti-graft agency made this known in a statement issued on Tuesday when the Managing Director and CEO of NELFUND, Akintunde Sawyerr, and his team paid a courtesy visit to the commission in Abuja.

Speaking at the EFCC Headquarters, Sawyerr expressed gratitude for the donation and highlighted that NELFUND, an initiative of President Bola Tinubu’s administration, aims to provide financial support for the education of underprivileged students.

In his remarks, EFCC Chairman, Ola Olukoyede, praised President Tinubu for the initiative, noting that the lack of educational support is a significant factor in youth involvement in financial crimes. He emphasised that NELFUND represents a proactive measure against such crimes.

Olukoyede urged the NELFUND management to ensure transparency and integrity in the handling of the funds. He stressed the importance of regular reporting to the EFCC and vowed to fight against any mismanagement of the N50 billion donation.

The NELFUND initiative, which began registration in May 2024, has already seen significant interest, with 1.2 million students from federal tertiary institutions applying for loans. The fund was further highlighted on August 7, 2024, for receiving a record number of student loan applications within 24 hours of its portal’s launch.

President Tinubu signed the Student Loans (Access to Higher Education) Act into law on April 3, 2024, marking a significant step in addressing educational funding challenges in Nigeria.