BREAKING: FEC approves transfer of EFCC-recovered funds, unclaimed dividends to NELFUND

The Federal Executive Council has approved the use of liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), as well as unclaimed dividends and dormant account funds, to strengthen the financing of the Nigerian Education Loan Fund (NELFUND).

The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.

Alausa said President Tinubu had directed the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, to work out the modalities for transferring the funds to NELFUND.

According to him, the President directed that liquid funds recovered by the EFCC should be channelled to NELFUND to enable the agency to meet its growing financial obligations.

“The President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding,” he said.

Alausa added that the council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to NELFUND.

He said the measures were intended to ensure that NELFUND remained financially capable of meeting the increasing demand for student loans.

“This was also approved by FEC, that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today,” the minister said.

He, however, clarified that the directive did not cover seized properties or other non-liquid assets recovered by the EFCC.

“Note, and the President was very clear, not seized properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFUND,” Alausa said.