President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to channel all seized funds, unclaimed dividends, and trust funds to the Nigerian Education Loan Fund (NELFUND).
NELFUND was established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024, which Tinubu signed into law on April 3, 2024.
Minister of Education, Dr. Tunji Alausa, disclosed the directive while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by Tinubu at the Council Chamber, Presidential Villa, Abuja.
According to the minister, the President ordered that all recovered funds, unclaimed dividends from the capital market, and dormant accounts be diverted to NELFUND to support students’ education, a move meant to keep the agency financially buoyant amid growing obligations.
“The President has directed — and this was endorsed by FEC — that all seized funds by the EFCC should be directed to NELFUND to fund the education of our children,” he said.
Alausa said the education of Nigerian children cannot wait, noting that it remains a top priority for the President, who has vowed to protect the future of every Nigerian child and student.
“The President also directed, and FEC approved, that all unclaimed dividends from the capital market trust fund and the dormant account trust fund should be directed to NELFUND, so that NELFUND is financially buoyant to meet its growing obligations,” he stated.
Legal Reviews Underway
The minister said legal reviews are ongoing to determine the necessary changes required for legal clarity and compliance.
“Funds currently subject to legal challenges will be excluded from the transfer process. The plan is to transfer unencumbered funds that were previously looted and rightfully belong to Nigerians,” he added.
He said there is also a proposal to prioritize children’s education using the recovered funds.
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