The Economic and Financial Crimes Commission (EFCC) has clarified reports circulating in the media on August 14, 2024, suggesting that the Commission donated N50 billion to the Nigerian Education Loan Fund (NELFUND). The EFCC emphasized that the funds in question were not a donation but rather a part of recovered proceeds of crime, which were duly remitted to the government.
According to the EFCC, President Bola Ahmed Tinubu, in line with his social intervention policy aimed at supporting the most vulnerable segments of the population, decided to allocate these funds to the critically acclaimed student loan scheme. The Commission noted that it is not within its purview to determine how the government utilizes recovered assets, but it supports the allocation of these funds to NELFUND as a means to potentially reduce youth involvement in criminal activities.
During a courtesy visit on August 13, 2024, by NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, EFCC Chairman Ola Olukoyede reiterated the Commission’s commitment to ensuring accountability. He assured that the EFCC would monitor the use of the funds to guarantee that the objectives of the student loan scheme are fully realized.
