EFCC Clarifies N50 Billion Transfer to Nigerian Education Loan Fund, Not a Donation

The Economic and Financial Crimes Commission (EFCC) has clarified recent reports that suggested it donated N50 billion to the Nigerian Education Loan Fund (NELFUND). The Commission emphasized that the funds were not a donation, but part of recovered proceeds of crime that had been remitted to the government.

Dele Oyewale, Head of Media & Publicity for the EFCC, in a press statement made the clarification after some media outlets reported on August 14, 2024, that the EFCC had made a substantial donation to NELFUND from its recovery account. The official statement from the EFCC, indicated that the N50 billion was directed into the student loan scheme by President Bola Ahmed Tinubu as part of his social intervention policy aimed at supporting the most vulnerable members of society.

“The said fund was not a donation by the Commission but part of the recovered proceeds of crime remitted to the government,” the EFCC stated. The Commission added that it is not within its authority to decide how the government allocates recovered funds, but it expressed support for the student loan initiative. The EFCC believes that this scheme has the potential to reduce youth involvement in criminal activities by providing financial support for their education.

The Chairman of the EFCC, Ola Olukoyde, made these remarks during a courtesy visit to the Commission by Mr. Akintunde Sawyerr, the Managing Director and Chief Executive Officer of NELFUND, on August 13, 2026. Olukoyde assured that the EFCC would closely monitor the use of the funds to ensure they are used responsibly and effectively to achieve the objectives of the student loan scheme.

“The EFCC will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme,” Olukoyde stated, reinforcing the Commission’s commitment to transparency and the responsible use of public resources.

Dele Oyewale, Head of Media & Publicity for the EFCC, reiterated that the Commission’s role is to recover stolen assets and return them to the government, and it is up to the government to decide how to utilize these funds. He also highlighted that the student loan scheme is a positive development, with the potential to significantly impact the lives of young Nigerians by providing them with the financial support needed to pursue their education.

The EFCC’s statement aims to dispel any misconceptions about the nature of the N50 billion transfer and to reaffirm the Commission’s dedication to its mandate of fighting economic and financial crimes in Nigeria.