Follow Us on Google
By Sunday Ani
The recent announcement by the Economic and Financial Crimes Commission (EFCC) that it has released a whooping N50 billion out of its recovered loots to the Nigerian Education Loan Fund (NELFUND) in support of the country’s education, received a wide commendation, even as it equally surprised many people. This is because the move appeared to be a complete departure from what obtained in the past where monies recovered from public officials who looted the public treasuries had been allegedly re-looted.
Close watchers of development in the anti-graft agency have described the action as a mark of accountability and transparency. According to the report, the EFCC is also planning to release another N50 billion to support the Consumer Credits Corporation.
The anti-graft agency had, in a statement, after the NELFUND’s boss, Akinwunmi Sawyerr, visited its headquarters, announced the release of the money to NELFUND and its plan to extend the same gesture to the Consumer Credits Corporation.
According to the statement, the EFCC chairman, Ola Olukoyede, lauded the student loan programme, saying it was a policy issue that would tackle corruption. He lamented that the inability of many parents to fund the education of their children had always been a predisposing factor for corruption, exposing students to all forms of economic and financial crimes.
He, therefore, urged Nigerians to ensure that the NELFUND initiative succeeds even as he also urged them to support the President Bola Tinubu-led administration.
Addressing the NELFUND boss, he said: “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; 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. Nigerians should come together to ensure that the programme succeeds. We must help the President to succeed.”
The Commission emphasised that the funds released to NELFUND were part of the recovered proceeds of crime remitted to the Federal Government. It explained that President Tinubu in furtherance of his social intervention policy for the most vulnerable segments of the population, decided to plough the money into funding the Students Loan Scheme.
The EFCC said it is not in its place to determine where the Federal Government would commit the recovered proceeds of crime to but the Student’s Loan Scheme is a salutary innovation which has the potential to reduce youths’ involvement in criminality.
Before Olukoyede came on board as the EFCC chairman, Nigerians have accused the Commission of re-looting the recovered assets. For instance, the Presidential Committee on Audit of Recovered Assets (PCARA), which probed the Federal Government’s assets recovered by the EFCC from May 2015 to May 2020, indicted the Commission of re-looting the recovered loot. According to the panel, the interest on the N550 billion recovered by the agency within the period was re-looted, in addition to the unaccounted interests, which the panel said was a difference of N39 billion between the EFCC’s deposits in the bank and what the agency said it recovered.
However, Olukoyede’s appointment as the Commission’s boss, considered as unconventional by many due to his human rights activism background and the fact that he is not a member of any of the security agencies, seems to be a round peg in a round hole. He is proving the naysayers wrong as he continues to reposition the Commission, restoring confidence and trust to it.
Accountability and transparency have remained his watch words as he continues to practise what he preaches. He has been consistent in rendering accounts of the commission’s activities, especially the recovered assets and how they are being used. Available statistics between May 2023 and May 2024 showed that the commission received 15,753 petitions, investigated 12,287 cases, filed 5,376 cases in court and secured 3,451 convictions. Within the same period, the commission has also recovered N231,623,186,004.74; US$70,260,544.18; 29,264.50 Pounds; 208,297.10 Euros; 51,360.00 Indian Rupee; 3,950.00 Canadian Dollars; 740.00 Australian Dollars; 35,000.00 Rand; 42,390.00 UAE Dirhams; 247.00 Riyals and 74,754.00 Yuan.
Nigerians are beginning to see openness in the Commission’s activities unlike what obtained in the past where everything about the agency was shrouded in absolute secrecy. A clear case of how open and transparent the Commission has become under the current chairman is the recent release of the N50 billion to NELFUND.
Expressing appreciation to the Commission, NELFUND boss, Sawyerr, thanked the Commission for injecting N50 billion into NELFUND from the recovered loot.
“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. Youths constitute the most populous and 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.”
He noted that on April 3, 2024, Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law. He added that registration for the programme took off in May with 1.2 million students in federal tertiary institutions across the country as the first batch.
On Wednesday, August 7, 2024, NELFUND announced what it described as a significant milestone, receiving the highest number of student loan applications within 24 hours since the launch of its portal on May 25, 2024. It said it has recorded 9,687 student registrations, with 7,975 completed loan applications, on August 7, 2024.
According to data released on Friday, August 2, 2024, an additional 2,120 students had benefited from the student loan scheme bringing the total number of beneficiaries to 22,120. A statement by NELFUND’s spokesman, Nasir Ayitogo, in Abuja said the loans disbursed across many institutions amount to N2.5 billion.
Also commending the EFCC for its contribution to NELFUND, the Senate President of the National Association of Nigerian Students (NANS), Afeez Akinteye, described the Commission’s N50 billion generous donation as a remarkable gesture, which reflects not only the EFCC’s dedication to combating financial crimes, but also a demonstration of its commitment to the future of Nigerian students, who are the leaders of tomorrow.
He noted that the loan would help to empower students and ease financial burden on families, even as he added that it would also reduce the incidence of school’s dropouts due to financial constraints.
“I wish to express my profound gratitude to the Economic and Financial Crimes Commission (EFCC) for its generous donation of N50 billion to the Nigerian Education Loan Fund. In a country where the cost of education continues to rise, many students face significant financial barriers that prevent them from achieving their academic aspirations.
“The introduction of the NELFUND through this substantial donation will provide
