The Economic and Financial Crimes Commission (EFCC) has revealed that over N50 billion recovered from fraud cases in 2024 was allocated to the Nigerian Education Loan Fund (NELFUND).
According to the EFCC’s 2024 statistical report released in Abuja, the funds were part of the commission’s record-breaking monetary recoveries for the year. NELFUND, established under the Students Loans (Access to Higher Education) Act, 2024, was signed into law by President Bola Ahmed Tinubu to provide financial assistance for higher education.
The report highlighted 2024 as EFCC’s most successful year since its inception in 2003, marking its highest-ever asset recoveries and convictions. The total monetary recoveries included N364.6 billion, $214.51 million, £54,319, €31,265, CAD$2,990, and AUD$740, among other currencies. These recoveries have been reinvested by the Federal Government into key initiatives aimed at benefiting Nigerians.
The EFCC also recorded 4,111 convictions in 2024, the highest in its 22-year history. The Lagos Zonal Directorate led with 685 convictions, followed by Enugu (516), Ibadan (501), and Benin (412). Other high-performing zones included Ilorin (230), Kaduna (273), Port Harcourt (185), and Uyo (220).
In addition to monetary recoveries, the commission secured the forfeiture of over 750 duplexes and apartments, 173 vehicles, and substantial cryptocurrency assets. Other recovered properties included electronics, a factory, a hotel, gold chains, parcels of land, petroleum products, and unidentified solid minerals.
The EFCC attributed its achievements to the dedication of its officers and the support from key stakeholders. It reiterated its commitment to tackling financial crimes and ensuring that recovered assets are channeled into initiatives that promote national development and improve the welfare of Nigerians.
