MD/CEO, NELFUND, Mr Akintunde Sawyerr, and the EFCC Chairman, Mr Ola Olukoyede at the EFCC headquarters in Abuja

The Economic and Financial Crimes Commission has contributed N50 billion to the Nigerian Education Loan Fund.

This announcement was made by the anti-corruption agency on Tuesday, August 13, 2024, during a courtesy visit by Mr. Akintunde Sawyerr, the Fund’s Managing Director and Chief Executive Officer, along with his management team to the EFCC headquarters in Abuja.

Sawyerr emphasized that the Fund, established under the administration of President Bola Tinubu, aims to provide financial assistance for the education of underprivileged students.

A statement from the EFCC’s website included Sawyerr's expression of gratitude for the N50 billion allocated to NELFUND from funds recovered from criminal activities. “We acknowledge the funds derived from crime that have been directed to NELFUND.

We are here to convey our appreciation for this support. We also seek the EFCC's oversight in our operations,” Sawyerr remarked. He further noted that “the youth represent the largest, most restless, yet overlooked segment of our society.

President Tinubu has recognized this as a significant issue and has implemented a substantial solution to tackle it.” In his address, EFCC Chairman Ola Olukoyede praised President Tinubu for this initiative, labeling it a “policy measure against crime.”

He pointed out that the absence of educational support from parents contributes to children's engagement in financial crimes. “A primary motivator for cybercrimes is the lack of financial resources from parents to support their children's education. NELFUND serves as a policy measure against crime. President Tinubu deserves commendation for establishing this Fund,” he stated.

The EFCC Chairman urged the NELFUND management to maintain transparency in their operations, asserting that this would aid in the battle against corruption. “Ensure your actions are above reproach. I reiterate, ensure your actions are above reproach. The responsibilities assigned to you will assist the EFCC in combating corruption. Maintain transparency in your systems and processes,” he advised.

Olukoyede requested the NELFUND director to provide reports on the distribution of its funds to the EFCC, emphasizing his dedication to preventing the potential misappropriation of the N50 billion donation.

He said, “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.”

Olukoyede urged Nigerian citizens to ensure the effective implementation of the NELFUND initiative and the Tinubu-led administration’s objectives.

On April 3, 2024, Mr. Tinubu enacted the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

The registration process for the program commenced in May, with an initial cohort of 1.2 million students from federal tertiary institutions across the nation.

On Wednesday, August 7, 2024, NELFUND reported a significant milestone, receiving an unprecedented number of student loan applications within a 24-hour period since the launch of its online portal on May 25, 2024.