The Economic and Financial Crimes Commission (EFCC) has disclosed that more than ₦50 billion recovered from fraudsters in 2024 was among the funds injected into the Nigerian Education Loan Fund (NELFUND).
According to the News Agency of Nigeria (NAN), this revelation is based on the EFCC’s 2024 statistical report released to journalists in Abuja.
NELFUND was established through the Students Loans (Access to Higher Education) Act, 2024, which was signed into law by President Bola Ahmed Tinubu on April 3, 2024.
The initiative aims to eliminate financial barriers to higher education, ensuring broader access for Nigerian students.
In its report, the anti-graft agency described 2024 as a milestone year, marking its most significant achievements, including its largest single-year asset recovery since its establishment in 2003.
EFCC’s Monetary Recoveries in 2024
The EFCC’s report confirmed that the ₦50 billion allocated to NELFUND was sourced from funds recovered in financial crime investigations.
“Such monetary recoveries include ₦364.6 billion; $214.51 million; €54,319; 31,265 euros; CAD$2,990; and AUD$740.00.
“Others are: CFA 7,821,375, UAE Dirham 170, Saudi Arabian Riyals 5,115, Japanese Yen 73,000,105, Ghanaian Cedi (GH¢) 225, and South African Rands 50,000,” the report stated.
The commission noted that a portion of these recovered funds has been reinvested by the Federal Government into initiatives that directly benefit Nigerians, with the student loan program being a prime example.
EFCC’s Record-Breaking Convictions
In addition to its financial recoveries, the EFCC reported securing 4,111 convictions in 2024—the highest in its 22-year history.
These convictions stemmed from 15,724 petitions, 12,928 investigations, and 5,083 prosecutions.
Zonal Breakdown of Convictions:
– Lagos Zonal Directorate led with 685 convictions from 3,224 petitions, 2,454 investigations, and 786 cases filed in court.
– Enugu followed with 516 convictions from 545 cases prosecuted.
– Ibadan secured 501 convictions from 786 prosecutions.
– Benin: 412 convictions
– Ilorin: 230 convictions
– Kaduna: 273 convictions
– Gombe: 147 convictions
– Kano: 148 convictions
– Abuja: 140 convictions
– Makurdi: 161 convictions
– Maiduguri: 95 convictions
– Port Harcourt: 185 convictions
– Sokoto: 108 convictions
– Uyo: 220 convictions
Historic Asset Recoveries
The EFCC also highlighted its most successful year yet in terms of asset recoveries.
Its report indicated that, in addition to cash recoveries, the agency secured the forfeiture of over 750 duplexes and other properties to the Federal Government—the largest single asset recovery in its history.
Additional recoveries included:
– 173 vehicles
– Cash assets worth:
– ₦9,477,977,318.78
– $2,605,858.30
– UK£1,600
– Cryptocurrency holdings:
– 13.37 BTC ($572,992.86)
– Ethereum ($13,353.06)
– Green Satoshi Tokens (1,002.547631 GST)
– Other assets:
– 378 electronic gadgets
– One factory
– One hotel
– Two gold chains
– 14 parcels of land
– Petroleum products
– 70 tons of unidentified solid minerals
Reinvesting Recovered Funds for National Development
The EFCC reiterated that recovered assets and funds are being reinvested into projects that benefit Nigerians, including public welfare programs, national infrastructure development, and economic empowerment initiatives.
One of the key investments from recovered funds is the ₦50 billion granted to NELFUND, aimed at supporting students across the country.
Beyond education, these initiatives contribute to enhancing public welfare, fostering economic growth, and advancing Nigeria’s long-term development goals.