EFCC donates N50bn to support student loan scheme, gives reason

• The sum of N50 billion has been donated to the Nigerian Education Loan Fund (NELFUND) to support student loan scheme
• The Economic and Financial Crimes Commission (EFCC) made the donation from the proceeds of crime recovered by the Commission
• EFCC chairman, Ola Olukoyede, vowed that the anti-graft agency would do everything to prevent the re-looting of the fund

Legit.ng journalist Adekunle Dada has over 5 years of experience covering basic and tertiary education in Nigeria and worldwide

FCT, Abuja - The Economic and Financial Crimes Commission (EFCC) has donated the sum of N50 billion to the Nigerian Education Loan Fund (NELFUND) from the proceeds of crime recovered by the Commission.

The Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr appreciated the EFCC chairman, Ola Olukoyede, for the kind gesture towards the FUND.

Olukoyede vowed that EFCC would do everything to prevent the re-looting of the fund. Photo credit: Economic and Financial Crimes Commission
Source: Facebook

Sawyerr disclosed this when he and his management team paid a courtesy visit to the corporate headquarters of the EFCC in Abuja on Tuesday, August 13, 2024.

According to the statement shared via the EFCC Facebook page, Sawyerr said:

“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”

Olukoyede commended President Bola Ahmed Tinubu on his initiative regarding NELFUND, describing it as a policy issue to tackle corruption.

The EFCC boss said many children are inclined to corruption and vulnerable to all forms of economic and financial crimes because of their parents' inability to fund their education.

He said this inducement to corruption would no longer stand with the NELFUND's intervention.

“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 vowed that the anti-graft agency would do everything to prevent the re-looting of the fund.

“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 shared words of advice with Sawyerr, stating:

“Don’t sign what is not clear to you. Don’t give in to any pressure. Let your staff know that there is no money to share”.

NELFUND: University students receive loan alerts

Meanwhile, Legit.ng reported that many university students were celebrating the receipt of the N20,000 stipend from the NELFUND.

However, some students are yet to receive their payments due to pending verification.

The Academic Staff Union of Universities (ASUU) has criticized the staggered disbursement, questioning why the loan was not distributed to all universities at once.

Source: Legit.ng