The Economic and Financial Crimes Commission (EFCC) has refuted claims that it donated N50 billion to the Nigerian Education Loan Fund (NELFUND), a fund aimed at supporting indigent students.
The controversy arose following a statement by NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, who expressed gratitude to the EFCC for allegedly injecting the funds into the initiative.
Mr. Sawyerr, in a statement on the agency’s website on Tuesday, highlighted the importance of the fund, noting that it was designed to address the educational challenges faced by the nation’s underprivileged youths. He thanked the EFCC for what he described as a significant financial contribution to the cause.
However, the statement sparked criticism from Nigerians, who questioned the legality of the EFCC directly donating recovered funds without remitting them to the federal government, as mandated by the Nigerian Constitution.
In response, EFCC’s Head of Media & Publicity, Dele Oyewale, clarified that the N50 billion was not a donation from the Commission but part of the recovered proceeds of crime that had been remitted to the government. He explained that the decision to allocate these funds to NELFUND was made by President Bola Ahmed Tinubu, who aims to support the education sector as part of his administration’s social intervention initiatives.
Oyewale emphasized that it is not within the EFCC’s jurisdiction to determine how the government uses recovered proceeds of crime. He also assured that the EFCC would closely monitor the utilization of the funds to ensure accountability and that the objectives of the student loan scheme are met.
During a courtesy visit by NELFUND’s CEO, Mr. Akintunde Sawyerr, on August 13, 2026, EFCC Chairman Ola Olukoyde reiterated the Commission’s commitment to overseeing the proper use of the funds to enhance the impact of the education loan scheme.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
