EFCC recoveries: FG allocates N100bn to NELFUND, says Olukoyede

The federal government has allocated N100 billion from funds recovered by the Economic and Financial Crimes Commission (EFCC) to support the Nigerian Education Loan Fund (NELFUND), EFCC Chairman Ola Olukoyede has said.

Olukoyede disclosed this on Monday in Abuja while briefing journalists on the achievements of the commission under his leadership.

He said the EFCC had recovered more than N1.23 trillion and $684 million within 33 months, adding that part of the proceeds had been channelled into productive government programmes.

According to him, the Federal Government approved N50 billion from EFCC recoveries for NELFUND in 2024, with another N50 billion subsequently approved in 2026.

Olukoyede said the use of recovered proceeds for education and consumer credit demonstrated that anti-corruption enforcement could have a direct impact on the wider economy.

“The national impact of recovery is perhaps clearest when proceeds of crime are converted into productive social investment,” he said.

He added that the Federal Government had, in August 2024, directed the allocation of N50 billion each to NELFUND and the Nigerian Consumer Credit Corporation from proceeds recovered by the EFCC.

“Further NELFUND and Credit Corp funding from EFCC recoveries, N50 billion each, was subsequently approved in 2026,” he said.

The EFCC chairman said the deployment of recovered funds to finance education and household credit shifted the focus of asset recovery from punishment to restoring value to society.

He also disclosed that two private universities recovered by the commission had been forfeited to the Federal Government over the past two years.

One of the institutions, he said, was NOK University, which was forfeited by Anthony Hassan, a former Director of Finance and Accounts at the Federal Ministry of Health.