The Economic and Financial Crimes Commission, EFCC, has revealed that over ₦50 billion recovered from fraudsters in 2024 has been channeled into the Nigerian Education Loan Fund, NELFUND.
According to the EFCC’s 2024 statistical report, these recoveries are part of the funds supporting the student loan initiative, which aims to ease financial burdens for Nigerian students pursuing higher education.
NELFUND was established under the Students Loans (Access to Higher Education) Act, 2024, signed into law by President Bola Tinubu on April 3, 2024. The initiative is designed to eliminate financial barriers to higher education and empower students.
Describing 2024 as its most successful year in terms of asset recovery, the anti-graft agency reported that the ₦50 billion granted to NELFUND by the federal government was sourced from its monetary recoveries.
The EFCC detailed its recoveries, which included ₦364.6 billion, $214.51 million, €54,319, €31,265, CAD$2,990, AUD$740, CFA7,821,375, UAE Dirham 170, 5,115 Riyals, W73,000, 105 Yen, GH¢225, and 50,000 Rands.
The commission emphasized that some of these recoveries have been reinvested in initiatives directly benefiting Nigerians, particularly in education. It stated that the initiative enables students to complete their degrees, contribute meaningfully to the Nigerian workforce, and ensures that recovered funds directly benefit the people.
The EFCC further stressed that by facilitating student loans, it is not only strengthening education but also equipping young Nigerians to become productive members of society. It added that this move reflects the commission’s commitment to promoting sustainable growth and development in Nigeria.
The EFCC credited its success to the dedication of its officers and the supportive environment fostered by its management and stakeholders. It also reaffirmed its commitment to enhancing the capacity of its prosecutors and judicial officers while strengthening collaborations with local and international partners to improve asset recovery efforts.
(NAN)