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 was made in the EFCC’s 2024 statistical report, which was shared with journalists in Abuja.
NELFUND, created by the Students Loans (Access to Higher Education) Act, 2024, was signed into law by President Bola Ahmed Tinubu on April 3, 2024, with the goal of removing financial barriers to higher education in Nigeria.
In its 2024 report, the EFCC hailed its asset recovery as one of its most significant accomplishments, noting that it achieved its largest-ever single-year asset recovery since the commission’s establishment in 2003.
According to the report, the N50 billion allocated to NELFUND by the Federal Government was sourced from the EFCC’s monetary recoveries, which include: N364.6 billion; $214.51 million; 54,319 euros; 31,265 euros; CAD$2,990; and AUD$740.
Other recovered currencies include: CFA 7,821,375; UAE Dirham 170; Saudi Riyals 5,115; Japanese Yen 73,000,105; Ghanaian Cedi (GH¢) 225; and South African Rand 50,000.
The EFCC emphasized that several of the recovered funds had been reinvested by the Federal Government into initiatives that have greatly benefited Nigerians.
The commission attributed its success to the hard work and dedication of its officers, as well as the supportive environment provided by its management and stakeholders.
In 2024, the EFCC also reported a record 4,111 convictions, the highest in its 22-year history. These convictions were the result of 15,724 petitions, 12,928 investigations, and 5,083 prosecutions.
A breakdown of convictions by zonal offices showed that the Lagos Zonal Directorate led with 685 convictions from 3,224 petitions, 2,454 investigations, and 786 prosecutions. Enugu followed closely with 516 convictions from 545 prosecutions, while Ibadan recorded 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 commission also reported its most successful year in asset recovery, achieving the largest forfeiture in its history. In 2024, the EFCC seized over 750 duplexes and other properties, marking the largest property recovery since its creation.
Additionally, the EFCC recovered 173 vehicles, cash totaling N9,477,977,318.78, $2,605,858.30, and £1,600.
Cryptocurrency seizures included 13.37 BTC valued at $572,992.86, Ethereum worth $13,353.06, Green Satoshi tokens, and 1,002.547631 units of other digital assets.
Other items recovered included 378 electronics, one factory, one hotel, two gold chains, 14 parcels of land, petroleum products, and 70 tonnes of unidentified solid minerals.
The EFCC reiterated that some of the recovered funds had been reinvested into initiatives benefiting the public, including the N50 billion allocated to NELFUND.
These efforts, alongside the funding of various developmental projects, are expected to foster public welfare, promote sustainable growth, and contribute to Nigeria’s long-term development objectives.
