NELFUND Acknowledges Receipt of ₦50 Billion from Recovered Proceeds of Crime

The Management of Nigerian Education Loan Fund (NELFUND), under the leadership of its Managing Director/CEO, Mr Akintunde Sawyerr has expressed its pleasure as it receives an additional N50 billion from the Economic and Financial Crimes Commission (EFCC).

The release follows the directive of President Bola Tinubu in his speech on 4th August, 2024, directing the EFCC to transfer the funds to NELFUND to further boost the student loan program.

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 fund extends its deepest appreciation to President Bola Ahmed 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.

NELFUND also wishes to acknowledge and thank the Economic and Financial Crimes Commission (EFCC) under the leadership of its Executive Chairman, Ola Olukayode for their swift action ensuring the release of the funds.

Their diligent work has ensured that these resources has been promptly made available to benefit the education of our nation’s youth.

President Bola Ahmed Tinubu’s decision to direct these funds into NELFUND’s student loan scheme underscores the administration’s broader social intervention policy aimed at uplifting the most populous, yet disadvantaged segment of Nigerian society, the youth.

This infusion of funds will significantly boost NELFUND’s ability to provide much-needed financial support to students, enabling them to pursue their academic aspirations without financial hindrance.

NELFUND remains committed to utilizing these funds equitably, responsibly and efficiently, ensuring that they directly benefit those who need them the most and have already sought a partnership with EFCC to oversee the disbursement process.

With the support of the government and the EFCC, NELFUND will continue to drive forward the mission of expanding access to tertiary education for all aspiring Nigerian youth and increasing the employability of well educated graduates in both the academic and vocational sectors.

Signed:

Mrs Oseyemi Oluwatuyi
Director, Corporate Communications
Nigerian Education Loan Fund (NELFUND

https://www.channelstv.com/2024/08/23/nelfund-confirms-receiving-%E2%82%A650bn-from-efcc/

All this money sha,hmm

50billion Naira proceeds from crime no be small thing o

And na wetin dem account for be that o.

Its like most Nigerians are into one crime or the other on part-term basis

This is an impeachable offense.
Is tinibu now spending without appropriation?
Are we in a monarchy?

From one looters to another. Quote me in the next four years, you will definitely hear that 40 billion out of the money was embezzled by people sent to disburse the loans. Different non-existing names will appear as the beneficiaries of the loans. So who will pay back when loans are disbursed to non-existing people.

I heard that bank was opening accounts in the names of aboki farmers who were expecting to receive palliatives. Imagine, these types of accounts opened without the consent of the owners and with the owners not having access to it are the very ones they will sell to kidnappers to receive some ransoms.

Nigeria is a worst zone than the mexican drug cartel spots. Nigeria is the FCT of corruption and we will wax stronger in it. In 2030, Nigeria will be five times worse than this except if there is a resolution and new laws to hang corrupt politicians and 'thiefing' public workers instantly are formed and executed without compromise.

You heard it here first.

Crime has taken centre stage in Nigeria. The rate of kidnapping, fraud and Internet scamming is just too alarming. Hardly can u find a legit hustling these days. Everyone is just cutting corners to make it at all cost. Too bad for this country.

ok
let's be honest
This is a nice initiative from the President
in as much, there will be theft but at least its a good development

i also urge him to implore private companies to repair roads in exchange of tax or reduced tax
it will also go a long way
Dangote's tax exchange for roads repair is a good example


kudos to jagaban on this

So Yahaya Bello and co are saving education money. Interesting

Good news.

Good.

In our lifetime, government is redirecting some of the proceeds of crime to student loan at 0% interest.

Students, if you know your parent can’t afford your schoolfees, rush now and apply for student loan. Don’t listen to naysayers.

nigeria na radio channel,any station when them tune th masses na we dey go

#50B imagine cybercrime proceed and that's not all. Them don chop from inside join oh. One or the other cybercrime has come to stay.

who stole the money ?

Imagine using blood money for sponsoring students loan. Crime money, of which murdering victims will likely be among the proceeds

geoworldedu:
From one looters to another. Quote me in the next four years, you will definitely hear that 40 billion out of the money was embezzled by people sent to disburse the loans. Different non-existing names will appear as the beneficiaries of the loans. So who will pay back when loans are disbursed to non-existing people.

I heard that bank was opening accounts in the names of aboki farmers who were expecting to receive palliatives. Imagine, these types of accounts opened without the consent of the owners and with the owners not having access to it are the very ones they will sell to kidnappers to receive some ransoms.

Nigeria is a worst zone than the mexican drug cartel spots. Nigeria is the FCT of corruption and we will wax stronger in it. In 2030, Nigeria will be five times worse than this except if there is a resolution and new laws to hang corrupt politicians and 'thiefing' public workers instantly are formed and executed without compromise.

You heard it here first.

There is a secret bank rackeet where monies meant to be distributed as loan to business owners end up not getting to the business people who need them.

Good initiative. They should increase the monthly upkeep grants of student from N20,000 to something much higher.

They will focus on their studies and stay away from crimes.

Why not use the money for the initial purpose it was earmarked? Money meant for a particular project in a state, say Kogi, which was misappropriated by the governor or other government officials, now, you recover it only to go and start using it to train students from Lagos, Imo or Kano states. What kind of wickedness is this?

Ok, now NELFUND can loot it themselves.

You can say that to the birds.

Or better still, why not wake up your ancestors to come and impeach him.

Dindirin

Ogbuu101:
This is an impeachable offense.
Is tinibu now spending without appropriation?
Are we in a monarchy?

ryloy:


https://www.channelstv.com/2024/08/23/nelfund-confirms-receiving-%E2%82%A650bn-from-efcc/

Nice move!

Education key priority with BAT

God bless president Bola Ahmed Tinubu. Era of students dropping out of school because of school fees is over.

CyrusVI:
50billion Naira proceeds from crime no be small thing o

And na wetin dem account for be that o.

Its like most Nigerians are into one crime or the other on part-term basis

You get! Efcc don corner some. If no be Nigeria I for believe say na the entire thing be that.

Ogbuu101:
This is an impeachable offense.
Is tinibu now spending without appropriation?
Are we in a monarchy?

What did Tinubu spend the money on?

When it comes to what benefit the common man, the money will not be available, they will be sourcing here and there, but when they want to buy yatch, jets, SUVs or renovation of undilapidated residence, attending jamboree in the name of conference etc, money will be made available and no one will know the source.

NELFUND, TETFUND, COMFUND, STREET FUND and other useless 'FUNDS'.../ Agencies in Nigeria, yet no progress

Ogbuu101:
This is an impeachable offense.
Is tinibu now spending without appropriation?
Are we in a monarchy?

Cry harder.

The money was forfeited to the Federal Govt and so does not belong to the Sovereign Wealth Fund that require wide consultation to spend and disburse.

atiku4President:
Why not use the money for the initial purpose it was earmarked? Money meant for a particular project in a state, say Kogi, which was misappropriated by the governor or other government officials, now, you recover it only to go and start using it to train students from Lagos, Imo or Kano states. What kind of wickedness is this?

And who told you the funds being disbursed are from recovered loot by state governors ?

The case of yahoo boys and money laundry loot nko?

Adewale1603:
Imagine using blood money for sponsoring students loan. Crime money, of which murdering victims will likely be among the proceeds

Going by ur analogy. Mechanic will not work again.

Bricklayers will not work and collect money.

Even universities wont collect money from students.

People selling products wont accept money from buyers again.


Its better to keep quite if you dnt see reasonable things to say, rather than crictical of every desion on govt, cos u hate govt of the day.