EFCC Asked To Hand Recovered Loots To NELFUND

‎The Federal Executive Council (FEC) has directed that legally recovered looted funds in the custody of the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) to strengthen the student loan scheme.

‎Naija News reports that the directive was issued on Wednesday, August 19, by the Minister of Education, Tunji Alausa, while briefing State House correspondents after the FEC meeting in Abuja.

‎Alausa said the council also approved the mobilisation of funds from the Unclaimed Dividends Trust Fund and the Dormant Accounts Trust Fund for NELFUND, subject to the laws governing the two funds.

‎The minister stressed that the directive does not cover properties seized by the EFCC or funds still involved in legal disputes.

‎According to him, only liquid funds that have been legally recovered and are no longer subject to litigation will be transferred to NELFUND.

‎“The President was very clear: not seized properties, all recovered looted funds, liquid funds recovered by the EFCC will now be transferred to NELFUND,” Alausa said.

‎He added that any recovered money still facing a legal challenge would remain excluded from the transfer.

‎The minister said President Bola Tinubu had directed the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, the Ministry of Education, the Debt Management Office and other relevant agencies to work out the legal framework for the transfer.

‎The Attorney-General is also expected to work with the EFCC chairman to identify funds that are legally available for transfer.

‎Alausa said the move was aimed at giving NELFUND a more sustainable financial base as demand for the federal government’s student loan programme continues to grow.

‎He disclosed that more than 1.2 million Nigerian students are currently benefiting from NELFUND.

‎NELFUND is said to have also disbursed more than ₦93 billion in upkeep allowances to students in federal and state-owned public institutions.

‎Alausa further said the government would equally review the laws establishing the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund to determine the appropriate legal steps required to make the funds available to NELFUND.

‎Naija News reported earlier that the Federal Government approved about ₦118.31 billion for the completion of the abandoned National Library of Nigeria headquarters complex in Abuja.

‎The council also approved approximately ₦37 billion for furnishing the facility, bringing the total approved funding to about ₦155 billion.

‎According to Alausa, the National Library project began on April 29, 2006, with an initial completion timeline of two years.

‎However, construction was halted in October 2008, leaving the project abandoned for years.

‎According to the minister, President Tinubu directed the Ministry of Education to mobilise resources to revive the project, including funding through the Tertiary Education Trust Fund (TETFund).

‎Alausa also acknowledged the role of First Lady, Senator Oluremi Tinubu, in efforts to revive the National Library project.

‎He said the First Lady had requested that gifts and donations meant to mark her birthday be channelled towards completing the project.

‎The initiative, according to him, generated about ₦25 billion for the National Library.

‎The minister said work on the long-abandoned project would resume within the next few months.

‎The council also approved the establishment of the Nigerian Academy for the Gifted and Talented.

‎Alausa said the new academy would be created through the transformation of the existing Suleja Academy, in line with the government’s plan to strengthen opportunities for exceptionally gifted Nigerian students.