Nigeria’s anti corruption agency The Economic and Financial Crimes Commission (EFCC) has released the sum of N50 billion to the Nigerian Education Loan Fund (NELFUND) from recovered assets to support the student loan scheme.
This was disclosed by the anti-graft agency on Tuesday, when the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, led his management team on a courtesy visit to the EFCC headquarters in Abuja.
Sawyerr acknowledged that the Fund was introduced by the President Bola Tinubu’s administration to support the education of underprivileged students.
He however expressed concern over the inadequate progress in the development of youths within the nation’s education sector.
As published on the EFCC website, the statement partly reads, “He (Sawyerr) appreciated the EFCC for the N50 billion injected into NELFUND from the proceeds of crime recovered by the commission.”
“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 said.
He added that “youths constitute the most populous, restive but neglected segment of our population. President Tinubu identified this as a major problem and put in place a major solution to address the issue.”
On his part, Sawyerr said NELFUND was a programme designed to provide funding for the education of indigent students, lauding EFCC for the N50 billion injected into NELFUND from the proceeds of crime recovered by the Commission.
He also identified lack of parents’ educational support as a contributing factor to children’s involvement in financial crimes.
He said, “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.”
The EFCC boss advised the NELFUND management team to ensure transparency in their dealings, which, according to him, would assist in the fight against corruption.
“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. Let your systems and processes be transparent,” he urged.
Olukoyede further tasked the NELFUND boss to give reports on the disbursement of its money to the EFCC, while stressing his commitment to ensure the N50bn donation is not “re-looted.”
He said, “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.
“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.”
Olukoyede urged Nigerians to ensure the success of the NELFUND initiative and that of the Tinubu-led administration.
