The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that the Federal Government has allocated N100 billion from funds recovered by the anti-graft agency to the Nigerian Education Loan Fund (NELFUND) since 2024.
Olukoyede made the disclosure during a press briefing in Abuja on Monday, where he highlighted the achievements of the EFCC under his leadership.
According to him, the EFCC has recovered more than N1.23 trillion and $684 million over the past 33 months.
He explained that N50 billion was approved in 2024 and another N50 billion in 2026 from recovered funds for the student loan programme.
Olukoyede said the use of recovered criminal proceeds to finance education demonstrates how anti-corruption efforts can contribute to national development.
He said the funds recovered from criminal activities are being redirected towards productive social investments, including education and consumer credit.
The EFCC chairman also disclosed that two private universities have been forfeited to the Federal Government following recoveries by the commission.
One of the universities, NOK University, was forfeited following proceedings involving Anthony Hassan, a former Director of Finance and Accounts at the Federal Ministry of Health. The institution has since been converted into the Federal University of Applied Sciences, Kachia, Kaduna State.
Olukoyede said the university admitted 1,909 students in December 2025, providing tertiary education opportunities to students who might otherwise have struggled to access higher education.
NELFUND was established in 2024 after President Bola Tinubu signed the Student Loans (Access to Higher Education) Act into law. The fund provides interest-free loans to eligible students in tertiary institutions.
As of July 4, NELFUND had reportedly disbursed more than N303 billion to 1,635,676 beneficiaries from 1,800,489 applications.
On August 19, President Tinubu directed that funds recovered by the EFCC, along with unclaimed dividends in the Capital Market Trust Fund and Dormant Account Trust Fund, be channelled to NELFUND to expand its coverage and improve its operations.
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