EFCC donates N50bn crime proceeds to NELFUND
The Economic and Financial Crimes Commission (EFCC) has donated ₦50 billion to support the Nigerian Education Loan Fund (NELFUND).
This announcement was made by the anti-graft agency on Tuesday, August 13, 2024, during a courtesy visit by the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, and his management team to the EFCC headquarters in Abuja.
Sawyerr highlighted that NELFUND, an initiative of President Bola Tinubu’s administration, is designed to provide financial support for the education of underprivileged students.
A statement on the EFCC’s website noted, “He (Sawyerr) expressed gratitude to the EFCC for the ₦50 billion contributed to NELFUND from the proceeds of crime recovered by the commission.”
“We are aware of the funds from the proceeds of crime that have been allocated to NELFUND. We are here to express our gratitude for this gesture. We also request that the EFCC exercise oversight over our activities,” Sawyerr said.
He added that “the youth constitute the most populous, restive, but neglected segment of our population. President Tinubu identified this as a major issue and implemented a significant solution to address it.”
In his remarks, EFCC Chairman Ola Olukoyede commended President Tinubu for the initiative, describing it as a “policy measure against crime.”
He also stated that the lack of educational support from parents is a contributing factor to children’s involvement in financial crimes.
He said, “One of the main drivers of cybercrimes is the inability of parents to fund their children’s education. NELFUND is a policy measure against such crimes. President Tinubu should be commended for initiating the Fund.”
The EFCC Chairman advised the NELFUND management team to ensure transparency in their operations, which he said would aid in the fight against corruption.
“Let your hands be clean. I repeat, let your hands be clean. The work entrusted to you will help the EFCC fight corruption. Ensure that your systems and processes are transparent,” he urged.
Olukoyede tasked the NELFUND management with providing reports on the disbursement of funds to the EFCC, emphasizing his commitment to preventing the ₦50 billion donation from being “re-looted.”
He said, “I will ensure that the money allocated to support NELFUND is not misappropriated. We expect your management to provide regular reports on your disbursements to the EFCC.”
“Don’t sign anything that isn’t clear to you. Don’t give in to any pressure. Make it clear to your staff that there is no money to be shared,” Olukoyede advised.
He also called on Nigerians to support the success of the NELFUND initiative and the Tinubu-led administration.
On April 3, 2024, President Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
The registration for the program began in May, with 1.2 million students in federal tertiary institutions across the country starting the first batch.
On Wednesday, August 7, 2024, NELFUND announced a significant milestone, reporting the highest number of student loan applications within 24 hours since the launch of its portal on May 25, 2024.
Proofreading by Uchechi Ojo, Sub-editor at Neptune Prime.
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