ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Sunday, September 28, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Crime Watch

BREAKING: EFCC Under Scrutiny Over Donation of N50bn Fraud Proceeds To Fund Student Loan

The statement obtained on the EFCC’s website partly read, “He (Sawyerr) appreciated the EFCC for the N50 billion injected into NELFUND from the proceeds of crime recovered by the commission.”

by NewsOnline Nigeria
August 14, 2024
in Crime Watch, Headline
0
EFCC

EFCC has come under scrutiny over the donation of N50bn fraud proceeds to the fund student loan scheme in Nigeria.

 

NewsOnline Nigeria has earlier reported that the Economic and Financial Crimes Commission (EFCC) has released N50bn to support the Nigerian Education Loan Fund.

This was disclosed by the anti-graft agency on Tuesday, August 13, 2024, when the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, led his management team on a courtesy visit to the EFCC headquarters in Abuja.

 

ALSO: FG Blocks ₦83 Billion Protest Funds, Arrests Political Collaborators

While Sawyerr noted that the Fund, an initiative of the President Bola Tinubu-led administration, was designed to provide funding for the education of indigent students, he lamented the poor development of youths in the nation’s education sector.

The statement obtained on the EFCC’s website partly read, “He (Sawyerr) appreciated the EFCC for the N50 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,” Sawyerr said.

He added that “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.”

In his remarks, the EFCC Chairman, Mr. Ola Olukoyede, commended the president for the initiative which he described as a “policy issue against crimes.”

He also stated that the lack of parents’ educational support is a contributing factor to children’s involvement in financial crimes.

He said, “One of the main incentives for 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.”

The EFCC boss advised the NELFUND management team to ensure transparency in their dealings, which, according to him, would assist in the fight against corruption.

He said, “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.

 

Meanwhile, NewsOnline Nigeria reports that Nigerians have taken to various social media platforms to slam the anti-graft agency.

 

@mpiredivine wrote; Lol… What on Earth is this headline though? Where did EFCC get 50 billion naira for donation from?
@Eze_nmuo1; Make EFCC come explain how them take get 50 billion for us!
@endyy090; Is EFCC now a revenue generating agency?
@shehu_mahdi; Efcc Donated N50B to support students’ loan scheme . Monies and assets recovered from thieves and looters are meant to he shared across 37 states. That Efcc is spraying that money means corruption is now legitimate and official. Welcome corruption. Appilogies to criminals
@TimedFrank; So EFCC, a non-revenue generating agency saw N50 billion to donate to the student loan scheme? So agencies can now pick and choose programs to support and donate to? Can someone explain this to me?
@Lord_of_Nigeria; Everything about this country is so bizarre. EFCC donating money, how?
@oobynno; How did they raise this money..? Do they have the constitutional authority to dish out money (as they like..) even if they raised it? There are so many questions begging for answers.. This looks every inch wrong and dodgy 
ADVERTISEMENT
Previous Post

BREAKING: FG Blocks ₦83 Billion Protest Funds, Arrests Political Collaborators

Next Post

BREAKING: Former President Obasanjo Asked To Surrender To EFCC For Probe

Next Post
Former President Obasanjo

BREAKING: Former President Obasanjo Asked To Surrender To EFCC For Probe

Trending Stories

No Content Available

Latest Stories

Dangote Refinery

Fuel Price Set to Rise as Dangote Refinery Suspends Petrol Sales in Naira

Amaechi Son’s Wedding

Nigeria’s Political and Social Elites Storm Abuja for Amaechi Son’s Wedding

Umahi

Umahi Declares South-East Will Back Tinubu in 2027, Dismisses Obidient Movement

Dangote Refinery

BREAKING: PENGASSAN Orders Nationwide Shutdown of Gas, Crude Supply to Dangote Refinery

Dangote Refinery

BREAKING: Dangote Refinery Suspends Petrol Sale in Naira Amid PENGASSAN Controversy

Unity Bank

Unity Bank Shareholders Approve Landmark Merger with Providus Bank

The Alternative Bank

The Alternative Bank Expands Walk4ZeroPlastic Campaign to Abuja and Kano

Lotus Bank

Lotus Bank Security Breach Sparks Investor Panic as Hackers Drain Millions

Seriki Hausawa

Alimosho’s Seriki Hausawa Pledges Commitment to Vaccine Drive, Calls Child Health Non-Negotiable

NUPENG

BREAKING: NUPENG Slams Dangote Refinery Over Mass Sack of Nigerian Workers

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: admin@newsonlineng.com

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria