EFCC Debunks Donation Claims: N50 Billion for NELFUND Came from Recovered Crime Proceeds

The Economic and Financial Crimes Commission (EFCC) has issued a statement to correct reports that it donated N50 billion to the Nigerian Education Loan Fund (NELFUND). According to Dele Oyewale, Head of Media & Publicity, the funds were actually part of the recovered proceeds of crime remitted to the Nigerian government, which were then allocated to support the students’ loan scheme.

The EFCC clarified that the funds were not a donation, but rather a portion of the recovered proceeds of crime that the government chose to invest in the loan scheme. This decision was made by President Bola Ahmed Tinubu as part of his social intervention policy to support vulnerable populations.

The EFCC emphasized that it is not responsible for determining how the government allocates recovered funds. However, the agency acknowledged the potential benefits of the students’ loan scheme in reducing youth involvement in criminal activity.

During a recent visit to the EFCC headquarters, NELFUND’s Managing Director and CEO, Mr. Akintunde Sawyerr, was informed that the EFCC would monitor the use of the funds to ensure accountability and achieve the scheme’s objectives.