The Economic and Financial Crimes Commission (EFCC) has denied recent media reports suggesting that the Commission donated N50 billion to the Nigerian Education Loan Fund (NELFUND). The reports claimed that the money was given directly from the EFCC’s recovered proceeds of crime account.
These claims first surfaced when Naija News cited a statement from NELFUND’s Managing Director and CEO, Mr. Akintunde Sawyerr, who expressed gratitude to the EFCC for the funds.
According to the statement, Sawyerr said, “He appreciated the EFCC for the N50 billion injected into NELFUND from the proceeds of crime recovered by the commission.”
Sawyerr further emphasized that the fund was established under President Bola Tinubu’s administration to support the education of disadvantaged students. He also lamented the poor state of youth development in Nigeria’s education sector.
However, the alleged donation raised concerns among some Nigerians, who questioned why the recovered funds were not first sent to the federal government, as required by the Nigerian Constitution. Critics argued that the EFCC should not independently decide how to allocate recovered assets.
In response to the controversy, the EFCC’s Head of Media and Publicity, Dele Oyewale, clarified that the funds in question were not donated by the EFCC. Instead, they were part of the proceeds of crime remitted to the government, who then allocated the funds to NELFUND as part of President Tinubu’s social intervention initiative.
Oyewale explained that it is up to the government, not the EFCC, to determine how recovered funds are used. He also noted that EFCC Chairman Ola Olukoyode, during a recent meeting with NELFUND’s leadership, assured that the EFCC would monitor the use of the funds to ensure they are properly managed and directed toward helping students.
