By Adenike Lawal
The Economic and Financial Crimes Commission (EFCC) has redirected over N50 billion recovered from fraudulent activities in 2024 to fund Nigeria’s student loan scheme, the Nigerian Education Loan Fund (NELFUND).
This allocation, detailed in the EFCC’s 2024 statistical report, was unveiled in Abuja, highlighting the agency’s record-breaking financial recoveries.
The fund, established under the Students Loans (Access to Higher Education) Act of 2024, signed by President Bola Ahmed Tinubu, aims to remove financial barriers for students pursuing higher education.
According to the EFCC, 2024 marked its most successful year since inception, with total recoveries exceeding N364.6 billion, $214.51 million, and substantial assets, including 750 duplexes, vehicles, and cryptocurrencies worth $572,000.
The agency also secured 4,111 convictions nationwide from 12,928 investigations, with the Lagos Directorate leading at 685 convictions. Other high-performing zones included Enugu (516), Ibadan (501), and Benin (412).
The EFCC emphasized that reinvesting these funds into education and national development underscores the government’s commitment to fighting corruption while empowering future generations through access to quality education.
