By Johnbosco Agbakwuru
ABUJA — President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to channel all seized funds, unclaimed dividends, and trust funds to the Nigerian Education Loan Fund (NELFUND).
NELFUND is a federal government agency established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024, which was signed into law by President Bola Tinubu on 3 April 2024.
The Minister of Education, Dr. Tunji Alausa, disclosed this while briefing State House correspondents at the end of the Federal Executive Council (FEC) meeting presided over by President Tinubu in the Council Chamber, Presidential Villa, Abuja.
The Minister said the President directed that all recovered funds, unclaimed dividends from the capital market, and dormant accounts should be diverted to NELFUND to support students’ education.
He explained that the measure is intended to ensure that NELFUND remains financially buoyant to meet growing obligations.
“The President has directed — and this was endorsed by FEC — that all seized funds by the EFCC should be directed to NELFUND to fund the education of our children,” he said.
Dr. Alausa stated that the education of the children cannot wait, adding that it is of utmost importance to the President, who has vowed to do everything possible to protect the future of every Nigerian child and student.
According to him: “The President also directed, and FEC approved, that all unclaimed dividends from the capital market trust fund and the dormant account trust fund should be directed to NELFUND, so that NELFUND is financially buoyant to meet its growing obligations.”
He said legal reviews are being conducted to determine necessary changes for legal clarity and compliance.
“Funds currently subject to legal challenges will be excluded from the transfer process. The plan is to transfer unencumbered funds that were previously looted and rightfully belong to Nigerians,” he added.
He said there is a proposal to utilize the recovered funds to prioritize the education of children.
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