Tinubu Directs EFCC to Channel Seized Funds, Unclaimed Dividends to Education Fund

President Bola Tinubu has issued a directive for the Economic and Financial Crimes Commission (EFCC) to transfer all seized funds, unclaimed dividends, and trust funds to the Nigerian Education Loan Fund (NELFUND). This initiative aims to bolster the financial capacity of NELFUND, a federal agency established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024.

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The President has directed, and this was endorsed by FEC, that all seized funds by the EFCC should be directed to NELFUND to fund the education of our children.

The Minister of Education, Dr. Tunji Alausa, announced the directive following a Federal Executive Council (FEC) meeting presided over by President Tinubu. He explained that the President's instruction, endorsed by the FEC, mandates the diversion of recovered funds and dormant account balances to NELFUND. This measure is intended to ensure the fund's financial stability to meet its growing obligations in supporting students' education.

Dr. Alausa stressed the critical importance of education for Nigerian children, stating that the President is committed to protecting their future. The directive specifically targets unencumbered funds that were previously looted and are now rightfully considered Nigerian property. Legal reviews are currently being conducted to ensure clarity and compliance before the transfer process begins, with funds currently subject to legal challenges being excluded.

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The President also directed, and FEC approved, that all unclaimed dividends from the capital market trust fund and the dormant account trust fund should be directed to NELFUND, so that NELFUND is financially buoyant to meet its growing obligations.

The plan is to utilize these recovered assets to prioritize educational access for Nigerian students. The move signifies a strategic effort to leverage recovered illicit funds for a developmental purpose, ensuring that NELFUND has the necessary resources to fulfill its mandate of providing financial support for higher education.

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Funds currently subject to legal challenges will be excluded from the transfer process. The plan is to transfer unencumbered funds that were previously looted and rightfully belong to Nigerians.