The Ola Olukoyede-led Economic and Financial Crimes Commission (EFCC) has donated the sum of ₦50bn to support the Nigerian Education Loan Fund (NELFUND).
This was made known in a statement by the anti-graft agency on Tuesday, August 13, 2024, when the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, led its management team on a courtesy visit to the EFCC headquarters in Abuja.
“He (Sawyerr) appreciated the EFCC for the ₦50bn injected into NELFUND from the proceeds of crime recovered by the commission,” the statement read.
“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 emphasized that “youths make up the most populous, restless, yet often overlooked segment of our population. President Tinubu recognized this significant issue and implemented a substantial solution to address it.”
EFCC Chairman Ola Olukoyede also praised President Tinubu for the initiative, describing it as a “strategic policy against crime.” He highlighted that the lack of parental financial support for education is a driving factor behind children’s involvement in financial crimes.
“One of the key motivators for cybercrimes is parents’ inability to fund their children’s education. NELFUND is a policy aimed at combating crimes. President Tinubu deserves commendation for establishing the Fund,” Olukoyede stated.
He advised the NELFUND management team to ensure transparency in their operations, emphasizing that this would aid in the fight against corruption.
“Maintain clean hands,” Olukoyede urged. “The task entrusted to you will assist the EFCC in combating corruption. Ensure your systems and processes are transparent.”
Olukoyede further directed the NELFUND leadership to regularly report on the fund’s disbursement to the EFCC, stressing his determination to prevent the misappropriation of the ₦50 billion donation.
“I will fight to ensure that the funds gathered to support NELFUND are not misused. We expect your management to provide regular updates on your disbursements to the EFCC,” he added. “Don’t authorize anything unclear to you, and resist any undue pressure. Your team must understand that there is no money to share.”
He called on all Nigerians to support the success of the NELFUND initiative and President Tinubu’s administration.
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