EFCC Confirms N50 Billion in Looted Funds Used to Finance Student Loan Scheme
EFCC Confirms N50 Billion in Looted Funds Used to Finance Student Loan Scheme
The Economic and Financial Crimes Commission (EFCC) has disclosed that over N50 billion recovered from fraud cases in 2024 was allocated to the Nigerian Education Loan Fund (NELFUND).
According to the EFCC’s 2024 statistical report, the funds were among the agency’s largest monetary recoveries since its establishment in 2003. The report, released in Abuja, highlighted that the student loan initiative was part of the government’s efforts to improve access to higher education.
The EFCC detailed its financial recoveries, which included N364.6 billion, $214.51 million, €54,319, CAD $2,990, and other foreign currencies.
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“Some of the monetary recoveries have been reinvested by the Federal Government in initiatives that provide significant benefits to the Nigerian people,” the commission stated.
The agency also reported its highest-ever conviction rate, securing 4,111 convictions in 2024. The Lagos Zonal Directorate led with 685 convictions, followed by Enugu (516), Ibadan (501) and other regional offices contributing to the tally.
Additionally, the EFCC recorded its biggest asset recovery, seizing over 750 duplexes, 173 vehicles, large sums of cash, cryptocurrency assets and other valuable properties.
The commission reaffirmed its commitment to tackling corruption and reinvesting recovered funds into initiatives that positively impact Nigerian citizens.
