The Economic and Financial Crimes Commission (EFCC) has revealed that over N50 billion recovered from fraudsters in 2024 was among the funds invested into the Nigerian Education Loan Fund (NELFUND).
This disclosure is contained in the EFCC’s 2024 statistical report, made available to reporters in Abuja.
NELFUND was established through the Students Loans (Access to Higher Education) Act, 2024, signed into law by President Bola Ahmed Tinubu on 3rd April 2024.
The initiative is a federal government programme designed to remove financial barriers to higher education in Nigeria.
In its report, the anti-graft agency described its activities in 2024 as its most successful year to date, particularly highlighting its largest single-year asset recovery since its establishment in 2003.
The statistics revealed that the N50 billion allocated to NELFUND by the federal government was sourced from the EFCC’s monetary recoveries.
These recoveries included N364.6 billion, 214.51million,€54,319,£31,265,CAD2,990, and AUD $740.
Other recoveries included CFA 7,821,375, UAE Dirham 170, Saudi Arabian Riyals 5,115, Japanese Yen 73,000,105, Ghanaian Cedi (GH¢) 225, and South African Rand 50,000.
The commission noted that some of these monetary recoveries have been reinvested by the federal government into initiatives that provide significant benefits to the Nigerian people.
The EFCC attributed its success to the dedication of its officers and the enabling environment provided by its management and stakeholders.
In addition to its financial recoveries, the EFCC secured 4,111 convictions in 2024—the highest number in its 22-year history.
These convictions resulted from 15,724 petitions, 12,928 investigations, and 5,083 prosecutions.
The Lagos Zonal Directorate led with 685 convictions from 3,224 petitions, 2,454 cases investigated, and 786 cases filed in court. It was followed by Enugu with 516 convictions from 545 prosecutions and Ibadan with 501 convictions from 786 prosecutions.
Other zones included Benin (412 convictions), Ilorin (230), Kaduna (273), Gombe (147), Kano (148), Abuja (140), Makurdi (161), Maiduguri (95), Port Harcourt (185), Sokoto (108), and Uyo (220).
The EFCC also recorded its largest-ever asset recovery in 2024, with significant forfeitures.
These included over 750 duplexes and apartments, 173 vehicles, and cash sums of N9,477,977,318.78, $2,605,858.30, and £1,600.
Other recovered assets included cryptocurrencies such as 13.37 BTC (worth approximately 572,992.86),Ethereum(13,353.06), and Green Satoshi Token ($6,002.547631), as well as 378 electronic devices, one factory, one hotel, two gold chains, 14 parcels of land, petroleum products, and 70 tons of unidentified solid minerals.
The commission emphasised that some of the monetary recoveries have been reinvested by the federal government into initiatives that significantly benefit Nigerians. One such initiative is the N50 billion allocated to NELFUND.
These investments not only contribute to various developmental projects and enhance public welfare but also promote sustainable growth across the country.
They are aimed at improving the quality of life for Nigerians and supporting the nation’s long-term development goals.
