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

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.

 

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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.