The Nigerian Education Loan Fund (NELFUND) has received N50 billion from the Economic and Financial Crimes Commission (EFCC) from the proceeds of crime.
Managing Director and Chief Executive Officer, NELFUND, Mr. Akintunde Sawyerr confirmed this during his visit to the Chairman of EFCC, Mr. Ola Olukoyede.
President Bola Tinubu in his nationwide broadcast directed the commission to release N50bn to NELFUND for the student loan scheme.
Speaking during the meeting, Sawyerr said: “We are aware of the funds from the proceeds of crime extended to NELFUND. We are here to express our gratitude for the gesture. We also want the EFCC to exercise oversight on what we are doing.”
Sawyerr explained that NELFUND was a laudable programme designed to provide funding for education of indigent students.
He decried the neglect of youths over the years which made them to be backward in their education pursuit.
He said: “The youths constitute the most populous, restive but neglected segment of our population. President Tinubu identified this as a major problem and put in place a major solution to address the issue.”
Olukoyede called for transparent disbursement of the funds.
He vowed that the EFCC would do everything to prevent the re-looting of the fund.
The EFCC boss said: “I will fight to ensure that money pooled together to support NELFUND is not re-looted. We want your management to be giving reports of your disbursement to the EFCC.
“Don’t sign what is not clear to you. Don’t give in to any pressure. Let your staff know that there is no money to share.”
The EFCC boss called on the management of NELFUND to be sensitive to the trust reposed in them, warning that the EFCC would leave no stone unturned to achieve transparent handling of the fund.
“Let your hands be clean. I repeat, let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent,” he said.
He called on Nigerians to rally round the management of NELFUND to ensure that the scheme succeeds.
“Nigerians should come together to ensure that the program succeeds. It is our duty to help the President succeed,” he said.
He applauded President Bola Tinubu for the student loan scheme, describing it as a policy issue to tackle corruption.
Olukoyede pointed out that the inability of many parents to fund the education of their children had always been a predisposing factor for corruption, adding that this had made students vulnerable to all forms of economic and financial crimes.
According to him, this inducement to corruption would no longer stand with the NELFUND’s intervention through the President.
“One of the main incentives to cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund,” he said.
