The Economic and Financial Crimes Commission (EFCC) has said it was committing crime proceeds to support education, infrastructure development in the country as a paradigm shift in the operation of Nigeria’s anti-graft agency.
The Commission said that unlike in the past when recovered loots from Nigerians and public officials were allegedly re-looted, misappropriated and uncounted for, the current leadership has decided to support the development of the country by deploying the recovered loots to human capital development and infrastructure upgrade.
This follows a statement to the media by the anti-graft agency that it has released a whopping N50 billion out of its recovered loots to the Nigerian Education Loan Fund (NELFUND) in support of the country’s education.
According to the report, the EFCC has also released another N50 billion to support the Consumer Credits Corporation.
The commission’s move has elicited reactions among many Nigerians in recent days, with many commending the gesture, saying that it would go a long way in boosting the student loan scheme and give many indigent Nigerians access to education.
For some people, it was a smart decision by the Ola Olukoyede-led agency, as management of recovered loot was always shrouded in secrecy in the past; they stated that the latest decision was perhaps, an indication of transparency and accountability.
The anti-graft agency had, in a statement, after the NELFUND’s boss, Akinwunmi Sawyerr, visited its headquarters last week, announced the release of the money to NELFUND and its plan to extend the same gesture to the Consumer Credits Corporation.
According to the statement, the EFCC Chairman, Olukoyede, lauded the student loan programme, saying it was a policy issue that would tackle corruption.
He lamented that the inability of many parents to fund the education of their children had always been a predisposing factor for corruption, exposing students to all forms of economic and financial crimes.
He, therefore, urged Nigerians to ensure that the NELFUND initiative succeeds even as he also urged them to support the President Bola Tinubu-led administration.
Addressing the NELFUND boss, he said: “Let your hands be clean. I repeat, let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent; 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. Don’t sign what is not clear to you. Don’t give in to any pressure. Let your staff know that there is no money to share. Nigerians should come together to ensure that the programme succeeds. We must help the President to succeed.”
The Commission emphasised that the funds released to NELFUND were part of the recovered proceeds of crime remitted to the federal government. It explained that President Tinubu in furtherance of his social intervention policy for the most vulnerable segments of the population, decided to plough the money into funding the Students Loan Scheme.
The EFCC said it is not in its place to determine where the federal government would commit the recovered proceeds of crime to but the Student’s Loan Scheme is a salutary innovation which has the potential to reduce youths’ involvement in criminality.
In the last one decade, Nigerians have clamoured for increased transparency in the workings of the EFCC, many people are particularly bothered that there is no accountability given by the commission’s previous management what looted funds are used for or channelled to.
Consequently, in recent times many prominent Nigerians and experts have called for a framework for managing and utilising recovered assets and other proceeds of crime.
For instance, the Presidential Committee on Audit of Recovered Assets (PCARA), which probed the federal government’s assets recovered by the EFCC from May 2015 to May 2020, indicted the commission of re-looting the recovered loot.
According to the panel, the interest on the N550 billion recovered by the agency within the period was re-looted, in addition to the unaccounted interests, which the panel said was a difference of N39 billion between the EFCC’s deposits in the bank and what the agency said it recovered.
However, Olukoyede’s appointment as the Commission’s boss, considered as unconventional by many due to his human rights activism background and the fact that he is not a member of any of the security agencies, seems to be a round peg in a round hole. He is proving the naysayers wrong as he continues to reposition the Commission, restoring confidence and trust to it.
Since he assumed office, accountability and transparency have remained his watch words as he continues to practise what he preaches. He has been consistent in rendering accounts of the commission’s activities, especially the recovered assets and how they are being used.
Available statistics from the commission made available to the media, between May 2023 and May 2024 the commission received 15,753 petitions, investigated 12,287 cases, filed 5,376 cases in court and secured 3,451 convictions.
The statistics further stated, that within the same period, the commission has also recovered N231,623,186,004.74; US$70,260,544.18; 29,264.50 Pounds; 208,297.10 Euros; 51,360.00 Indian Rupee; 3,950.00 Canadian Dollars; 740.00 Australian Dollars; 35,000.00 Rand; 42,390.00 UAE Dirhams; 247.00 Riyals and 74,754.00 Yuan.
For many, the release of the N50 billion to NELFUND is a testament to the forthrightness and clear sense of purpose by the agency.
Consequently, many Nigerians have called for more synergy among government agencies towards actualising government policies and programmes in the incumbent administration headed by Bola Tinubu.
Speaking on the EFCC gesture, NELFUND boss, Sawyerr, appreciated EFCC for injecting N50 billion into NELFUND from the recovered loot. He stated that education for the youth was crucial for any country because they are the most populous and restive but neglected segment.
He further stressed that on April 3, 2024, President Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law, adding that registration for the programme took off in May with 1.2 million students in federal tertiary institutions across the country as the first batch.
According to Sawyerr, “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. Youths constitute the most populous and 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.”
Speaking on the important of NELFUND to aid access to education, Lilian Imuetinyan Salami, Vice-Chancellor, University of Benin & Chairperson, Committee of Vice-Chancellors of Nigerian Universities (CVCNU), said initiative aligns with international best practices, recognizing higher education as a vital investment in human capital development.
She stated that the high cost of higher education was a significant barrier for indigent students and those from low economic backgrounds.
“From an economic perspective, investments in higher education are expected to yield significant returns.
“However, the high cost of higher education can be a significant barrier for indigent students and those from low economic backgrounds. The education loan fund seeks to bridge this gap, providing financial support to deserving students”, VC said.
Also commending the EFCC for its contribution to NELFUND, the Senate President of the National Association of Nigerian Students (NANS), Afeez Akinteye, stated that the EFCC’s N50 billion generous donation was remarkable gesture, which reflects not only the EFCC’s dedication to combating financial crimes, but also a demonstration of its commitment to the future of Nigerian students, who are the leaders of tomorrow.
He noted that the loan would help to empower students and ease financial burden on families, even as he added that it would also reduce the incidence of school’s dropouts due to financial constraints.
“I wish to express my profound gratitude to the Economic and Financial Crimes Commission (EFCC) for its generous donation of N50 billion to the Nigerian Education Loan Fund. In a country where the cost of education continues to rise, many students face significant financial barriers that prevent them from achieving their academic aspirations. The introduction of the NELFUND through this substantial donation will provide”.
On Wednesday, August 7, 2024, NELFUND announced what it described as a significant milestone, receiving the highest number of student loan applications within 24 hours since the launch of its portal on May 25, 2024. It said it has recorded 9,687 student registrations, with 7,975 completed loan applications, on August 7, 2024.
According to data released on Friday, August 2, 2024, an additional 2,120 students had benefited from the student loan scheme bringing the total number of beneficiaries to 22,120. A statement by NELFUND’s spokesman, Nasir Ayitogo, in Abuja said the loans disbursed across many institutions amount to N2.5 billion.
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