Paradigm Shift as EFCC Commits Crime Proceeds to Support Education, Infrastructure

Rotimi Adejumo

Recently, President Bola Tinubu directed the Economic and Financial Crimes Commission (EFCC) to disburse N100billion to fund the Nigerian Education Loan Fund (NELFUND) and the Consumer Credit Corp as part of using recovered assets for the public good. 

During his August 4 broadcast to the nation, President Tinubu announced that, in response to the nationwide #EndBadGovernance protests, he had allocated N50 billion each to the Nigerian Education Loan Fund and the Consumer Credit Corporation.

The battle against corruption has thus taken a new dimension, one where the proceeds of crime are being redirected to fuel national development. 

This move is not just about recovering stolen wealth but also about ensuring that these funds serve a greater purpose – uplifting the lives of people and driving economic growth. 

These funds, sourced from the proceeds of crimes recovered by the EFCC over the past year, are poised to have a transformative impact on the country, particularly in the areas of education and consumer finance.

Between May 2023 and May 2024, the EFCC, under the leadership of the fifth Executive Chairman of the commission, Olanipekun Olukoyede, made a staggering recovery of over ₦231 billion.

The agency also recovered millions in foreign currencies, including $70 million, £29,000, €208,000 and many more. The total recoveries, including Indian rupees, Canadian dollars, Australian dollars, South African rand, UAE Dirhams, Saudi Riyals, and Chinese Yuan, demonstrate the EFCC’s far-reaching efforts to track down and recover stolen funds.

These recoveries are the result of 12,287 investigations, which led to 5,376 cases being filed in court and 3,451 convictions, with over 15,753 petitions received in the past year. 

With over N231bn recovered in naira alone, the commission has not only cracked down on corruption but has also laid the groundwork for the funds to be reinvested into society.

This is as NELFUND has confirmed receiving N50bn from EFCC to boost the student loan scheme. 

NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi, stated that the fund followed the directive of President Bola Tinubu in his speech on August 4, 2024, directing the EFCC to transfer the funds to NELFUND to further boost the student loan programme. 

“This significant injection of funds represents a major milestone in the administration’s commitment to bolstering access to education by providing financial support to students across Nigeria,” the statement noted. 

He commended Tinubu for his unwavering dedication to the education sector and his continued efforts to support the most vulnerable segments of the population. 

“By deciding to allocate these funds to the student loan scheme, President Tinubu has once again demonstrated his visionary leadership and commitment to fostering a brighter future for Nigerian students and to the socioeconomic advancement of Nigeria.”

 Since the launch of NELFUND portal in May 2024, over 22,000 students have benefited from loans totalling N2.5bn. There has been a surge in applications, reflecting the high demand for educational support in a country where many parents struggle to afford tuition fees. 

NELFUND’s Managing Director/CEO, Akintunde Sawyerr, captured the essence of this initiative, “We stand at the crossroads of possibility, ready to shape a future where every individual, regardless of state of origin, religious or political affiliation, can dream and flourish.

“This vision, supported by the prudent use of recovered assets, represents a new chapter in Nigeria’s journey towards equity, opportunity, and national prosperity. The government’s strategic use of recovered assets is making this vision a reality, demonstrating that with the right policies and leadership, the proceeds of crime can indeed be turned into instruments of progress.

“This approach is a testament to the power of good governance and a reminder that the fight against corruption, when combined with a commitment to public welfare, can yield dividends far beyond the courtroom. It is a new chapter in Nigeria’s story — one where justice and development go hand in hand, and where the proceeds of crime are transformed into opportunities for growth, education, and a brighter future for all.”

The Consumer Credit Corporation, which also received N50bn from the recovered funds, is another pillar of the government’s strategy to improve the lives of Nigerians. By making credit more accessible, the corporation aims to empower citizens to meet their financial needs, whether for personal or business purposes. This initiative is particularly significant in a country where access to affordable credit has historically been limited, often forcing individuals into debt traps with predatory lenders.

The Consumer Credit Corporation is designed to bridge the gap, offering Nigerians a more reliable and transparent source of credit. This not only helps individuals manage their finances better but also stimulates the economy by increasing consumer spending and supporting small businesses. In the long run, the corporation’s work is expected to contribute to broader economic stability and growth, creating a more financially inclusive society.

The EFCC’s involvement in these initiatives goes beyond merely transferring funds. The agency, under the leadership Ola Olukoyede, stressed the importance of transparency and accountability in the management of these resources.

Olukoyede stressed that the move is part of a broader strategy to ensure that the fight against corruption has tangible benefits for the public. “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,” the EFCC boss said, underscoring the link between financial hardship, lack of education, and criminal activities. By investing in education through NELFUND, the government is tackling the root causes of crime while empowering the next generation of Nigerians.

In a recent meeting with NELFUND officials, Olukoyede reiterated the need for strict oversight to ensure that the funds are used effectively and do not fall victim to corruption. He also urged NELFUND to regularly report on its disbursements, ensuring that every naira is accounted for and used to fulfil its intended purpose.

This approach is not just about safeguarding the funds but also about reinforcing public trust in the government’s anti-corruption efforts. By demonstrating that recovered assets are being put to good use, the EFCC and the government are sending a powerful message: the fight against corruption is not just about punishing wrongdoers but also about returning stolen wealth to the people and using it to build a better future.

The commission has made it clear that it will maintain oversight of how these funds are managed and disbursed. This focus on transparency is essential for building public trust in these initiatives. By ensuring that every naira is accounted for and used effectively, the government is not only safeguarding the funds but also reinforcing the public’s confidence in its ability to manage resources responsibly. This commitment to accountability is a cornerstone of the broader anti-corruption strategy, demonstrating that the fight against corruption is about more than just recovering stolen assets — it is about using those assets to build a better Nigeria.

The allocation of N100bn from recovered funds to fund these important initiatives sets a precedent for how Nigeria can use the proceeds of crime to benefit its citizens. This approach aligns with global best practices, where recovered assets are reinvested into society to address the root causes of crime, improve public services, and support vulnerable populations.

Adejumo writes from Lagos