The EFCC has recovered over N50 billion from fraudsters to fund the Nigerian Education Loan Fund (NELFUND). This initiative, established by recent legislation, aims to eliminate financial barriers in education. The agency reported significant achievements in asset recovery and reinforced its commitment to empowering youth and promoting sustainable growth in Nigeria.
The Economic and Financial Crimes Commission (EFCC) announced that over N50 billion recovered from fraudsters will fund the Nigerian Education Loan Fund (NELFUND) in 2024. This information was shared in the EFCC’s 2024 statistical report, which highlights the agency’s most significant asset recovery achievements since its founding in 2003.
NELFUND was created through the Students Loans (Access to Higher Education) Act, 2024, signed by President Bola Tinubu on April 3, 2024. The initiative aims to eliminate financial barriers to higher education in Nigeria, empowering students to attain their degrees and become active contributors to the workforce.
The report detailed the extensive monetary recoveries made, amounting to N364.6 billion, alongside various currencies including 214.51 million dollars and several other denominations. The recovered funds are intended not only to support education but also to ensure substantial benefits for Nigerian citizens through reinvestment in meaningful initiatives.
The EFCC emphasized its commitment to promoting sustainable growth and development while enhancing the knowledge and skills of its personnel. Additionally, the report noted the Commission’s ongoing collaboration with national and international partners to strengthen its asset recovery framework and improve the efficiency of its operations.
In conclusion, the EFCC’s substantial monetary recoveries will significantly contribute to the NELFUND, reinforcing the Federal Government’s efforts to support education in Nigeria. The agency’s achievements underscore its dedication to combating financial crimes while fostering the development of the nation’s youth.
In summary, the EFCC’s recovery of over N50 billion from fraudsters will directly benefit the Nigerian Education Loan Fund. This initiative, formed under new legislation, aims to facilitate access to higher education and empower young Nigerians. The EFCC remains committed to enhancing its operational capabilities and collaborating with partners to advance its asset recovery efforts and support sustainable national growth.
Original Source: nannews.ng
