Govt funding Student Loan with recovered looted funds, says EFCC

According to the Economic and Financial Crimes Commission (EFCC), the Nigerian Education Loan Fund (NELFUND) received investments totaling more than N50 billion that were recovered from scammers in 2024.

The EFCC's 2024 statistics report, which was made accessible to media in Abuja yesterday, is the source of this information, according to the News Agency of Nigeria (NAN).

Additionally, according to NAN, the Students Loans (Access to Higher Education) Act, 2024, which President Bola Ahmed Tinubu signed into law on April 3 of last year, created the NELFUND.

The Federal Government of Nigeria launched the project as a scheme to remove budgetary constraints on higher education.

In its report, the anti-graft agency described its activities in 2024 as its greatest achievements, especially its largest single-year asset recovery since its establishment in 2003.

The statistics indicated that the N50 billion granted to NELFUND by the Federal Government was sourced from the monetary recoveries of the EFCC.

“Such monetary recoveries include N364.6 billion; $214.51 million; 54,319 euro; 31,265 euro; Canadian dollar (CAD) $2,990 and Australian dollar (AUD) $740.00.

“Others are: the French franc (CFA) 7,821,375, United Arab Emirates (UAE) Dirham 170, Saudi Arabian 5,115 Riyals, Japanese W73,000,105 Yen, Ghana’s cedi (GH¢) 225 and South Africa’s 50,000 Rands,” it said.

According to the commission, some of the monetary recoveries have been reinvested by the Federal Government in initiatives that provide significant benefits to the Nigerian people.

The anti-graft agency attributed its success to the dedication of its officers and the enabling environment provided by management and stakeholders.

Also, the EFCC has said it secured 4,111 convictions in 2024 – its highest in its 22-year history.

These were from 15,724, petitions, 12,928 investigations, and 5,083 prosecutions.

Leading the pack is the Lagos Zonal Directorate with 685 convictions from 3,224 petitions, 2,454 cases investigated, and 786 cases filed in court.

This is followed by Enugu with 516 convictions from 545 cases prosecuted and Ibadan with 501 convictions from 786 prosecutions.

Others are Benin with 412 convictions, Ilorin with 230, Kaduna with 273, Gombe with 147, Kano with 148, Abuja with 140, Makurdi with161, Maiduguri 95, Port Harcourt 185, Sokoto 108 and Uyo with 220 convictions.

Also last year, the commission recorded its best-ever performance since its inception in 2003 with the single largest asset recovery ever, and significant money forfeitures.

An appraisal of the commission’s operations in the last 12 months shows that since January 2024, the EFCC recorded unprecedented volumes of, and breakthroughs in cases involving Advance Fee Fraud, Money Laundering, and Cybercrime, among others, across all its Zonal Directorates in the country.

The EFCC monetary recoveries for the year include N364,597,370,151.35, US$214,513,439.55, UK£54,318.64, 31,265, Euros, CAD$2,990 and AUD $740.00.

Others are CFA7,821,375, UAE DIRHAM 170, RIYALS 5,115, W73,000, 105 Yen, GH¢225 and RANDS 50.

Recovered assets in 2024 include the forfeiture to the Federal Government of over 750 duplexes and other apartments in late 2024, which is the single largest recovery by the Commission since its inception.

The assets include 173 vehicles, cash sums of N9,477,977,318.78, $2,605,858.30 and UKP1,600.

Others include cryptocurrencies of 13.37BTC worth about $572,992.86; ETHEREUM worth $13,353.06, GREEN SATOSHI token worth $6, 1,002.547631, among others.

The rest are 378 electronics, one factory, one hotel, two gold chains, 14 parcels of land, petroleum products and 70 tons of unidentified solid minerals.

The commission claims that the Federal Government has reinvested a portion of the financial recoveries in projects that offer the Nigerian people substantial advantages.

For instance, the Nigerian Education Loan Fund (NELFUND) received N50 billion from the recovery.

The initiatives serve the nation's long-term development goals and improve the quality of life for Nigerians in addition to supporting a variety of developmental projects, boosting public welfare, and encouraging sustainable growth nationwide.