EFCC Allocates Over ₦50 Billion in Monetary Recoveries to NELFUND

The EFCC has announced that monetary recoveries exceeding ₦50 billion from fraudsters in 2024 have been allocated to the Nigerian Education Loan Fund. This funding initiative, established under the Students Loans Act, aims to reduce financial barriers in higher education and empower students. The EFCC credits its successes to the dedication of its officers and the collaboration with stakeholders.

The Economic and Financial Crimes Commission (EFCC) announced that over ₦50 billion in monetary recoveries from fraudsters in 2024 has been allocated to the Nigerian Education Loan Fund (NELFUND). This information comes from the EFCC’s 2024 statistical report, which indicates a significant boost in education funding. Established by the Students Loans (Access to Higher Education) Act, signed into law on April 3, 2024, NELFUND aims to alleviate financial barriers to higher education in Nigeria.

The EFCC described its 2024 operations as among its most significant achievements since its inception in 2003, highlighting its largest single-year asset recovery to date. The report revealed that the ₦50 billion contributed to NELFUND was sourced from its various monetary recoveries, which included assets in multiple currencies totaling billions.

In addition, the commission reported monetary recoveries comprising N364.6 billion; 214.51 million dollars; various euros; and smaller amounts in other currencies. Some of these recoveries have already been reinvested by the federal government into initiatives benefiting the wider Nigerian population.

The initiative is designed to empower students to complete their education, facilitating their contributions to the economic workforce of Nigeria. By supporting education through loans, the EFCC aims to strengthen the country’s human capacity and promote sustainable development.

EFCC attributed its successes to the hard work of its officers and the supportive environment created by management and stakeholders. Furthermore, the agency reaffirmed its commitment to improving the skills of its prosecutors and collaborating with various organizations to enhance its asset recovery strategies.

In conclusion, the EFCC’s substantial monetary recoveries are being effectively utilized to fund the Nigerian Education Loan Fund, representing a pivotal initiative to promote education access in Nigeria. This strategic move not only facilitates higher education for students but also aims to strengthen the nation’s workforce and support broader economic growth. The commitment of the EFCC to sustainable development and partnership is commendable, reflecting its ongoing efforts to combat financial crimes and reinvest in society.

Original Source: nannews.ng