Nigeria President, Bola Ahmed Tinubu has directed the Economic and Financial Crimes Commission, EFCC to release ₦50 billion of recovered looted funds to finance the students’ loans scheme.

This was made known few minutes ago in a news statement issued by the Economic and Financial Crimes Commission, EFCC while reacting to public outcry that the commission had donated the said money to the Nigerian Education Loan Fund, NELFUND.

According to EFCC, President Bola Ahmed Tinubu who is currently  in Malabo, the capital of Equatorial Guinea, for a three-day official visit considered to invest the money in the most vulnerable segments of the Nigeria population.

President Tinubu’s aircraft touched down at the Presidential Wing of the Malabo International Airport at about 2:07pm local time on Wednesday and was received by the Prime Minister of the country, Manuela Roka Botey, on arrival.

President Tinubu’s visit is at the invitation of his Equatorial Guinean counterpart, President Teodoro Obiang Nguema Mbasogo, according to TVC news report.

EFCC said the money was never a donation from him to NELFUND rather it acted based on the President’s directive.

EFCC statement reads thus: “the Economic and Financial Crimes Commission, EFCC, wishes to clarify the reports in a section of the media today, August 14, 2024, purporting that the Commission donated ₦50 billion to the Nigerian Education Loan Fund, NELFUND from its recovery account.

The said fund was not a donation by the Commission but part of the recovered proceeds of crime remitted to the government.

President Bola Ahmed Tinubu in furtherance of his social intervention policy for the most vulnerable segments of the population, decided in his wisdom, to plough the money into funding the critically acclaimed students loan scheme.

It is not the place of the Commission to determine where the government commits recovered proceeds of crime. But the student’s loan scheme is a salutary innovation which has the potential to reduce youth involvement in criminality.

As the Commission’s Chairman, Ola Olukoyde disclosed during a courtesy visit to the Commission by the NELFUND’s Managing Director and Chief Executive Officer, Mr Akintunde Sawyerr on August, 13, 2024, that the EFCC will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme.

Olukoyede Commends Tinubu on NELFUND, Calls for Transparency in Disbursement

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede has applauded President Bola Ahmed Tinubu on his initiative regarding the Nigerian Education Loan Fund, NELFUND, describing it as a policy issue to tackle corruption.

He gave the commendation in Abuja on Tuesday, August 13, 2024 while receiving the Managing Director and Chief Executive Officer, NELFUND, Mr Akintunde Sawyerr who came with his management team to the corporate headquarters of the EFCC on a courtesy visit.

Olukoyede pointed out that inability of many parents to fund the education of their children had always been a predisposing factor of corruption, making students vulnerable to all forms of economic and financial crimes. This inducement to corruption, he said, would no longer stand with the NELFUND’s intervention through the President.

“One of the main incentives to 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”, he said.

The EFCC’s boss called on the management team of NELFUND to be sensitive to the trust reposed in them warning that the EFCC would leave no stone unturned to achieve transparent handling of 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”, he said.

Olukoyede further explained his desire for accountable handling of NELFUND was informed by passion for transparency and not any threat of any kind. He vowed that the EFCC would do everything to prevent the re-looting of the fund.

“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”.

Continuing, he advised Sawyerr: 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”.

He called on Nigerians to rally round the management of NELFUND to ensure that the scheme succeeds. “Nigerians should come together to ensure that the program succeeds. It is our duty to help the President succeed”, he said.

In his remark, Sawyerr explained that NELFUND was a laudable programme designed to provide funding for education of indigent students. He decried the neglect of youths over the years which made them to be backward in their education pursuit.

“The youths constitute the most populous, restive but neglected segment of our population. President Tinubu identified this as a major problem and put in place a major solution to address the issue” , he said.

He appreciated the EFCC for the ₦50 billion injected into NELFUND from the proceeds of crime recovered by the Commission. “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”, he said.

Olukoyede Tasks Youths on Transparency, Accountability

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede has charged students across the country to imbibe the virtues of transparency, accountability and integrity and to shun all forms of corruption, economic and financial crimes.

He gave the charge on Monday, August 12, 2024 while addressing the students of Epitome Model Islamic School in an event tagged: “12th Teenagers Workshop,” organized by Alhabibiyah Islamic Society for teenagers with focus on positioning the youth on the path of anti-corruption lifestyle.

Olukoyede who was represented by the Head, Enlightenment and Reorientation of the Commission, Assistant Commander of the EFCC, ACE II Aisha Mohammed stated that transparency revolved around accountability, responsibility, openness and honesty.

“You can say transparency is being open and honest. Accountability is the willingness to account for one’s actions, while integrity is the quality of being driven by high moral principles.

Accountability ensures that individuals and institutions take responsibility for their actions, it promotes answerability and explanations for decisions and behaviours. In the EFCC we say, integrity is doing the right thing even when no one is watching you,” he said.

While charging the students to keep away from financial vices, Olukoyede explained that the business of the EFCC was to investigate and prosecute cases of corruption, economic and financial crimes and to prevent them from even occurring.

“That is why we have come to talk to you right now to ensure that you keep away from corruption,” he said.

Chief Superintendent of EFCC, CSE, Katerine Okeke urged the students to join hands with the Commission in the anti-corruption fight to make Nigeria a better place for all.

“We have to make Nigeria better, that is the message that we brought to your school this morning, the message of anti-corruption fight, transparency, accountability and integrity, necessary to make you become good citizens of the country,” she said.

On his part, Deputy Superintendent of EFCC, DSE Abbas Abubakar charged the students to embrace integrity as their moral compass in all they do. “Learn to say something when you see something and do not steal or covet what is not yours.

Whoever sees something that is not right should correct it using his hands, if he cannot, he should use his mouth to speak against it, and if he cannot, he should hate that wrong in his heart,” he said.

Hajiya Rafat Salami who spoke on behalf of the management of the school thanked the EFCC for the engagement with the students and the good working relationship the school has with the Commission.