EFCC Chief Channels ₦100bn of Recovered Funds into NELFund

Economic and Financial Crimes Commission Chairman Ola Olukoyede revealed that he asked President Bola Tinubu to invest part of recovered assets into the Nigeria Education Loan Fund. Olukoyede explained that many young Nigerians turn to cybercrime after failing to afford school fees. He proposed redirecting about ₦100 billion from EFCC’s recovery account to kickstart NELFund. The president approved splitting the funds equally between NELFund and the Nigerian Bulk Trade Creditor Corporation. Since the launch, the loan scheme has helped 1.3 million students cover tuition fees. This initiative illustrates how seized public funds can address root causes of corruption by improving access to education.

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