The Economic and Financial Crimes Commission (EFCC) has donated N50 billion to the Nigerian Education Loan Fund (NELFUND) to support the education of indigent students across the country.
The announcement was made on Tuesday, August 13, 2024, during a courtesy visit by NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, and his management team to the EFCC headquarters in Abuja.
Mr. Sawyerr expressed gratitude for the substantial financial injection, acknowledging that the funds were sourced from proceeds of crime recovered by the anti-graft agency. “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 highlighted that the youth, being the most populous and often neglected segment of Nigeria’s population, would greatly benefit from this initiative, which is a cornerstone of President Bola Tinubu’s administration. “President Tinubu identified this as a major problem and put in place a major solution to address the issue,” Sawyerr added.
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EFCC Chairman, Ola Olukoyede, praised President Tinubu’s initiative, describing the education loan fund as a strategic policy against crimes. He noted that the inability of parents to fund their children’s education often leads to youth involvement in financial crimes. “One of the main incentives for cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund,” Olukoyede remarked.
The EFCC Chairman also urged the NELFUND management to maintain transparency in their operations, emphasizing the importance of clean and accountable processes in the fight against corruption. “Let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent,” he advised.
Olukoyede further stressed the importance of monitoring the use of the N50 billion donation, warning against any potential misappropriation. “I will fight to ensure that money pooled together to support NELFUND is not re-looted. We want your management to be giving reports of your disbursement to the EFCC,” he said.
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The EFCC Chairman called on Nigerians to support the success of the NELFUND initiative and President Tinubu’s administration. He emphasized the need for integrity in the administration of the fund, urging NELFUND staff to resist any undue pressure and ensure that all transactions are above board.
The Nigerian Education Loan Fund is part of President Tinubu’s broader strategy to address educational challenges in the country. Following the signing of the Student Loans (Access to Higher Education) Act on April 3, 2024, the registration for the loan program commenced in May, with 1.2 million students in federal tertiary institutions enrolling in the first batch. Recently, on 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.