The Commission of Economic and Financial Crimes (EFCC) says that the more than 50 billion monetary recoveries of the scammers in 2024 are part of the funds invested in the Loan Fund for Nigerian Education (NELFUND).
The Nigeria news agency (NAN) reported that this information is based on statistical report 2024 of the EFCC, made available to journalists on Sunday.
NAN reported that Nelfund was established by the Student Loan Law (Access to Higher Education), 2024, signed by President Bola Tinubu on April 3, 2024.
The initiative is a program established by the federal government of Nigeria to break financial barriers in higher education.
The Anti-Injustment Agency in its report described its activities in 2024 as its greatest achievements, especially its highest one-year asset recovery since its establishment in 2003.
The statistics indicated that the N50 billion granted to Nelfund by the federal government were obtained from the monetary recoveries of the EFCC.
He said: “This initiative allows students to complete their titles, contribute significantly to the Nigerian workforce and ensure that the recovered funds directly benefit the Nigerians.
“By providing student loans, the EFCC not only supports education, but also allowing Nigerian young people to become productive members of society.
“This movement reflects the commitment of the commission to promote sustainable growth and development in Nigeria,” the report added.
The Anti-Injustment agency attributed its success to the dedication of its officials and the enabling environment provided by management and interested parties.
The report also reaffirmed EFCC's commitment to improve the knowledge and ability of its prosecutors and the Judiciary.
The EFCC further reiterated its commitment to collaborate with several international agencies and partners to strengthen and improve its asset recovery framework.
Read also: alleged fraud: The Court stops the case of fraud of EFCC against Eezee Tee