The Economic and Financial Crimes Commission (EFCC) clarified that the ₦50 billion it transferred to the Nigerian Education Loan Fund (NELFUND) was not a donation from the commission. In a statement released on Thursday, Dele Oyewale, the EFCC spokesperson, emphasized that the funds were “part of the recovered proceeds of crime remitted to the government,” rather than a donation....For More READ THE FULL STORY▶▶
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The statement explained that President Bola Ahmed Tinubu, as part of his social intervention policy aimed at assisting the most vulnerable in society, decided to allocate these funds to support the critically acclaimed student loan program.
“It is not within the Commission’s purview to dictate how the government allocates recovered proceeds of crime. However, the student loan initiative is a commendable innovation with the potential to curb youth involvement in criminal activities,” the statement noted.
EFCC Chairman, Ola Olukoyede, during a courtesy visit from NELFUND’s Managing Director and Chief Executive Officer, Akintunde Sawyerr, on August 13, 2026, assured that the EFCC would oversee the utilization of the funds to ensure accountability and the achievement of the scheme’s goals.
In his address regarding the #EndBadGovernance protests on August 4, President Bola Tinubu announced the allocation of ₦50 billion to NELFUND.
“This week, I directed the release of an additional ₦50 billion Naira each for NELFUND – the student loan, and Credit Corporation — from the proceeds of crime recovered by the EFCC,” Tinubu stated.
Earlier reports mistakenly suggested that the EFCC had “donated” the funds to NELFUND..…For More READ THE FULL STORY▶▶
