N100bn from EFCC recoveries allocated to NELFUND – Chairman 

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Monday said N100 billion in two tranches was released by the commission to the Nigeria Education Loan Fund (NELFUND).

Olukoyede made this known on in Abuja while briefing newsmen on the achievements recorded by the commission since his assumption of office in 2023.

The Chairman said that the money was from the recoveries made by the agency. He said that the first disbursement of N50 billion was made in 2024, while another N50 billion will be released to NELFUND for students registration and transportation fees.

“The national impact of recovery is perhaps clearest when proceeds of crime are converted into productive social investment,” Olukoyede said.

“In August 2024, the federal government directed that N50 billion each be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from proceeds of crime recovered by the EFCC.

“Further NELFUND and Credit Corp funding from EFCC recoveries, N50 billion each, was subsequently approved in 2026.”

Olukoyede said two private universities recovered by the agency were also forfeited to the federal government. These, he said, are the Nok University, which was forfeited by Anthony Hassan, a former director of finance and accounts at the federal ministry of health, and “another private university of high value”.

Olukoyede said the Nok university, converted to Federal University of Applied Sciences, Kachia in Kaduna state, has admitted 1,909 students in December 2025.

According to Olukoyede, the recoveries are testaments that anti-corruption enforcement can restore fiscal space, strengthen federal and sub-national revenue, and return working capital to institutions, companies and citizens.