Taken from stolen assets. EFCC allocates N50 billion naira for educational initiatives.

Taken from stolen assets. EFCC allocates N50 billion naira for educational initiatives.

The Economic and Financial Crimes Commission (EFCC) has designated N50 billion from its recovered assets to support the Nigerian Education Loan Fund (NELFUND), aimed at improving the student loan program.

This decision was announced in a press release on Tuesday, following discussions between Akinwunmi Sawyer, the director of NELFUND, and the leadership of the EFCC.

In the statement, EFCC Chairman Ola Olukoyede commended the student loan initiative, highlighting its significance in the fight against corruption.

He noted that the financial difficulties many parents encounter in financing their children’s education can increase their susceptibility to different forms of economic and financial crimes.

“The absence of financial support for education from parents is a significant factor contributing to cybercrime.

President Tinubu should be acknowledged for the establishment of this Fund,” he remarked.

To our fan base outside of Nigeria.

Similar to the FBI in the United States, the Economic and Financial Crimes Commission (EFCC) serves as a law enforcement agency in Nigeria, focusing on the investigation of financial crimes, including advance fee fraud (commonly known as 419 fraud) and money laundering.