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The Economic and Financial Crimes Commission (EFCC) has disclosed that funds recovered from fraudsters across Nigeria in 2024 have been directed into the Nigerian Education Loan Fund (NELFUND) to support students’ access to higher education.
In its 2024 statistical report released in Abuja, the anti-graft agency revealed that over ₦50 billion was allocated to the loan scheme, which was established under the Students Loans (Access to Higher Education) Act, 2024 and signed into law by President Bola Tinubu.
The EFCC detailed its recoveries for the year, which include ₦364.6 billion, $214.51 million, €54,319, £31,265, CAD$2,990, and AUD$740. Other recovered currencies include CFA7,821,375, AED170, SAR5,115, JPY73,000,105, GH₵225, and ZAR50,000.
The commission emphasized that a portion of these recovered funds has been funnelled into government initiatives aimed at benefiting Nigerians.
Beyond financial recoveries, the EFCC also reported achieving 4,111 convictions in 2024, marking the highest number of convictions in its 22-year history. These convictions stemmed from 15,724 petitions, 12,928 investigations, and 5,083 prosecutions.
Among the states, Lagos recorded the highest number of convictions with 685, followed by Enugu (516) and Ibadan (501).