EFCC Donates N50 Billion to Nigerian Education Loan Fund

The Nigerian Education Loan Fund (NELFUND), the Economic and Financial Crimes Commission (EFCC) has donated N50 billion to support the initiative aimed at funding the education of underprivileged students. The donation was announced on Tuesday, August 13, 2024, during a courtesy visit by NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, to the EFCC headquarters in Abuja.

Sawyerr, who led the NELFUND management team, expressed profound gratitude for the donation, highlighting the critical role the Fund plays in addressing educational funding challenges for indigent students. He emphasized that the initiative, introduced by President Bola Tinubu’s administration, seeks to alleviate the financial barriers faced by many students.

The EFCC's donation is derived from proceeds of crime recovered by the commission, reflecting its commitment to repurposing ill-gotten gains for societal benefit. Sawyerr acknowledged this in his statement, saying, “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 underscored the importance of the Fund in addressing educational inequities, stating that the youth, as the most populous and often neglected segment of the population, require significant support. He praised President Tinubu for recognizing and acting upon this pressing issue.

EFCC Chairman Ola Olukoyede lauded the initiative as a strategic policy against crime, noting that inadequate educational support for children can drive them towards 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 said.

He also stressed the importance of transparency in the management of the donated funds, urging NELFUND to maintain clean and transparent operations. “Let your hands be clean. I repeat, let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption,” Olukoyede advised.

The EFCC Chairman further emphasized the need for regular reporting on fund disbursements and warned against any attempts to misappropriate the funds. “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.

Olukoyede’s remarks also included a call to Nigerians to support the success of the NELFUND initiative and the broader goals of the Tinubu administration.

NELFUND, which was launched following the signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024 by President Tinubu on April 3, 2024, began its registration process in May. The initiative has already seen significant engagement, with 1.2 million students from federal tertiary institutions participating in the first batch. On August 7, 2024, NELFUND reported a milestone achievement, receiving the highest number of student loan applications within 24 hours since the launch of its portal.

The EFCC’s generous contribution marks a pivotal moment for NELFUND, supporting its mission to provide educational opportunities and reduce financial barriers for students across Nigeria.