The Federal Government has allocated N100 billion from funds recovered by the Economic and Financial Crimes Commission (EFCC) to the Nigerian Education Loan Fund (NELFUND), EFCC Chairman Ola Olukoyede has disclosed.
Olukoyede made the disclosure in Abuja while briefing journalists on the achievements of the commission under his leadership.
According to him, the Federal Government approved N50 billion for NELFUND in 2024, with another N50 billion subsequently approved in 2026, bringing the total allocation from EFCC recoveries to N100 billion.
The EFCC chairman said the commission had recovered more than N1.23 trillion and $684 million within 33 months, stressing that part of the recovered proceeds had been channelled into productive government programmes.
He explained that using recovered funds to support education demonstrates how anti-corruption efforts can have a direct impact on society.
Olukoyede said the deployment of recovered proceeds into social investment programmes represents a shift from viewing asset recovery solely as a punitive measure to using such funds to restore value to Nigerians.
He recalled that in August 2024, the Federal Government directed that N50 billion each from EFCC recoveries be allocated to NELFUND and the Nigerian Consumer Credit Corporation.
He added that another N50 billion each was approved for both institutions in 2026.
The EFCC chairman said the approach would allow proceeds recovered from financial crimes to contribute to programmes designed to improve access to education and provide financial support to citizens.
NELFUND was established to provide financial assistance to eligible Nigerian students pursuing higher education and skills development.
The use of recovered funds to support student loans is therefore expected to provide additional resources for the education financing scheme.
Olukoyede also disclosed that the commission had recovered two private universities through forfeiture proceedings within the past two years. One of the institutions mentioned was NOK University, which was forfeited to the Federal Government.
The EFCC chairman said the commission would continue to pursue financial crimes and recover proceeds linked to illicit activities while ensuring that recovered assets and funds are put to productive use where appropriate.
The development highlights the increasing focus on using recovered proceeds to support government programmes, particularly in areas such as education and consumer financing.
The Federal Government’s decision to allocate recovered funds to NELFUND is expected to strengthen the student loan programme and potentially expand access to financial support for Nigerian students.
