The Economic and Financial Crimes Commission (EFCC) says it has donated N50bn to support the Nigerian Education Loan Fund (NELFUND).
EFCC said this Tuesday, when Akintunde Sawyerr, NELFUND’s managing director and CEO, led its management team on a courtesy visit to the EFCC headquarters in Abuja.
Sawyerr noted that the Fund, an initiative of the President Bola Tinubu-led administration, was designed to provide funding for the education of indigent students.
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The statement obtained on the EFCC’s website partly read, “He (Sawyerr) appreciated the EFCC for the N50bn injected into NELFUND from the proceeds of crime recovered by the commission.
“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 added that the “youths constitute the most populous, 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.”
In his remarks, Ola Olukoyede, the EFCC Chairman, commended President Tinubu for the initiative, which he described as a ‘policy issue against crimes’.
He also stated that the lack of parents’ educational support was a contributing factor to children’s involvement in financial crimes.
He said, “One of the main incentives for cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund.”
The EFCC boss advised the NELFUND management team to ensure transparency in their dealings, which, according to him, would assist in the fight against corruption.
“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,” he urged.
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Olukoyede tasked the NELFUND boss to give reports on the disbursement of its money to the EFCC while stressing his commitment to ensure the N50bn donation isn’t ‘re-looted’.
He said, “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.”
