EFCC stakes N50b in NELFUND, warns against abuse of fund

Director and Chief Executive Officer of Nigerian Education Loan Fund, (NELFUND), Mr Akintunde Sawyerr, has disclosed that the Economic and Financial Crimes Commission (EFCC) has injected a total of N50 billion into the scheme.

Sawyerr made the disclosure, yesterday, in Abuja when he led his management team to the headquarters of the EFCC. He appreciated the EFCC for the N50 billion injected into NELFUND from the proceeds of crime recovered by the Commission.

Explaining that NELFUND was a laudable programme, designed to provide funding for the education of indigent students, Sawyerr decried the neglect of youths over the years, which made them to be backward in their education pursuit.

“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.

“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 an oversight on what we are doing,” he said.

Earlier in his remarks, EFCC Chairman, Ola Olukoyede, applauded the President on his initiative regarding NELFUND, describing it as a policy issue to tackle corruption.

He pointed out that the inability of many parents to fund the education of their children had always been a predisposing factor of corruption, making students vulnerable to all forms of economic and financial crimes.

This inducement to corruption, he said, 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.

The EFCC’s boss called on the management team 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.

Olukoyede further explained his desire for accountable handling of NELFUND was informed by his passion for transparency and not any threat of any kind.

He vowed that the EFCC would do everything to prevent the re-looting of the fund.

He called on Nigerians to rally around the management of NELFUND to ensure that the scheme succeeds.