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The Economic and Financial Crimes Commission (EFCC) has denied donating N50 billion from its recovery account to the Nigerian Education Loan Fund (NELFUND).
This is contained in a Wednesday statement signed by the Head of Media and Publicity of EFCC, Dele Oyewale.
In the statement, the EFCC said reports in a section of the media that it donated the said sum to NELFUND were untrue.
“The said fund was not a donation by the Commission but part of the recovered proceeds of crime remitted to the government.
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“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 student loan scheme.
“It is not the place of the Commission to determine where the government commits recovered proceeds of crime. But the student 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,” Oyewale said.
