The Economic and Financial Crimes Commission (EFCC) has donated N50bn from the proceeds of crime to support the Student Loan Scheme which is being coordinated by the Nigerian Education Loan Fund (NELFUND). This was made known by the Commission on Tuesday during a courtesy visit by the Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr and his management team to the EFCC Headquarters in Abuja.
In his remarks, Sawyerr said, “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.”
The EFCC Chairman, Mr. Ola Olukoyede said, “One of the main incentives for cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund.
“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.”
On April 3, 2024, President Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
The Act aims to make education more accessible to all Nigerian students, regardless of their financial situation.