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EFCC Donates N50bn from Recovered Funds to Nigerian Education Loan Fund
EKO HOT BLOG reports that this announcement was made by the anti-corruption agency on Tuesday, August 13, 2024, during a courtesy visit to the EFCC headquarters in Abuja by the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, along with his management team.
Mr. Sawyerr said that NELFUND, an initiative of the administration led by President Bola Tinubu, is designed to provide financial assistance for the education of underprivileged students.
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In a statement released on the EFCC’s website, Sawyerr expressed gratitude for the N50 billion contribution from the proceeds of crime recovered by the commission, which has been allocated to NELFUND.
“We are aware of the funds from the proceeds of crime allocated to NELFUND. We are here to express our gratitude for this significant support. We also seek the EFCC’s oversight on our activities,” Sawyerr stated.
He further emphasized that “youths represent the most populous, restless, yet often neglected segment of our society. President Tinubu recognized this challenge and implemented a robust solution to address it.”
EFCC Chairman Ola Olukoyede praised President Tinubu’s initiative, describing NELFUND as a “policy-driven response to crime prevention.”
MD/CEO, NELFUND, Mr Akintunde Sawyerr, and the EFCC Chairman, Mr Ola Olukoyede at the EFCC headquarters in Abuja
He noted that the lack of educational support from parents is a key factor driving children into financial crimes.
“One of the main incentives for cybercrimes is the inability of parents to fund their children’s education. NELFUND is a strategic policy against crime, and President Tinubu deserves commendation for initiating it,” Olukoyede remarked.
The EFCC Chairman urged the NELFUND management team to ensure transparency in their operations, stressing that this would contribute to the fight against corruption.
“Maintain clean hands in all your dealings. The responsibility entrusted to you will help the EFCC combat corruption. Your systems and processes must be transparent,” he advised.
Olukoyede also requested regular reports from NELFUND on the disbursement of funds, emphasizing his commitment to ensuring that the N50 billion donation is not “re-looted.”
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“I am committed to ensuring that the funds allocated to support NELFUND are not misappropriated. We expect your management to regularly report your disbursements to the EFCC. Do not sign anything you do not fully understand. Resist any pressure, and make sure your staff knows there is no money to be shared,” he warned.
Olukoyede called on all Nigerians to support the success of the NELFUND initiative and the broader objectives of the Tinubu administration.
President Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3, 2024. The registration for the program began in May, with 1.2 million students in federal tertiary institutions across the country making up the first batch.
On Wednesday, August 7, 2024, NELFUND announced a significant milestone, having received the highest number of student loan applications within 24 hours since the launch of its portal on May 25, 2024.
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