The Economic and Financial Crimes Commission (EFCC) has clarified that the reports in some section of the media purporting that the Commission donated N50 billion to the Nigerian Education Loan Fund (NELFUND) from its recovery account is false.
The anti-graft agency in a statement on Wednesday, said that the fund was not a donation by the Commission but part of the recovered proceeds of crime remitted to the government.
“President Bola Ahmed Tinubu in furtherance of his social intervention policy for the most vulnerable segments of the population, decided in his wisdom, to plough the money into funding the critically acclaimed students loan scheme.
“It is not the place of the Commission to determine where the government commits recovered proceeds of crime. But the student’s loan scheme is a salutary innovation which has the potential to reduce youth involvement in criminality
“As the Commission’s Chairman, Ola Olukoyde disclosed during a courtesy visit to the Commission by the NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr on August, 13, 2026, that the EFCC will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme”, the statement reads.
Recall that it was widely reported that the Economic and Financial Crimes Commission (EFCC) supported the Nigerian Education Loan Fund (NELFUND) with N50 billion recovered from looters.
The report quoting the EFCC chairman during a visit to NELFUND’s head, Akinwunmi Sawyerr
described the student loan programme as a policy designed to tackle corruption.
The EFCC chairman said that many parents’ inability to fund their children’s education had always been a predisposing factor for corruption.
