EFCC transfers N50b recovered funds to Nigerian Education Loan Fund (NELFUND)

August 14, 2024.
By Adedoja Adesoji

The Economic and Financial Crimes Commission (EFCC) has handed over N50 billion in recovered proceeds of crime to the Nigeria Education Loan Fund (NELFUND).

The commission has said the sum is to support the Nigerian Education Loan Fund scheme

The anti-graft agency disclosed this on Tuesday, August 13, 2024, when the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, led its management team on a courtesy visit to the EFCC headquarters in Abuja.

The statement obtained on the EFCC’s website partly read, “He (Sawyerr) appreciated the EFCC for the N50bn injected into NELFUND from the proceeds of crime recovered by the commission.

“We are aware of the funds from the proceeds of crime extended to NELFUND. We are here to express our gratitude for the gesture. We also want the EFCC to exercise oversight on what we are doing,” Sawyerr said.

He added that the “youths constitute the most populous, restive but neglected segment of our population. President Tinubu identified this as a major problem and put in place a major solution to address the issue.” He stated.

This significant transfer represents a major milestone in the EFCC’s efforts to repatriate and utilize illicitly acquired assets for the benefit of the Nigerian economy.

The funds, recovered through the EFCC’s tireless anti-corruption efforts, will now be channeled towards supporting economic development initiatives and promoting financial inclusion through NELFUND.

This collaboration demonstrates the EFCC’s commitment to not only fighting financial crimes but also contributing to Nigeria’s economic growth and prosperity.