EFCC allocates N50bn from recovered funds to Nigerian Education Loan Scheme

• Olukoyede noted that financial struggles in funding education are a key factor driving cybercrime among young Nigerians
  

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The Economic and Financial Crimes Commission (EFCC) has committed N50 billion from recovered crime proceeds to the Nigerian Education Loan Fund (NELFUND) to combat youth involvement in cybercrime.

EFCC Chairman Ola Olukoyede made the announcement during a visit by NELFUND Managing Director Akintunde Sawyerr and his team on August 13, 2024.

Olukoyede noted that financial struggles in funding education are a key factor driving cybercrime among young Nigerians, highlighting the fund as a strategic crime prevention measure.

Olukoyede urged transparency in NELFUND’s operations and pledged to prevent any mismanagement of the allocated funds.

Sawyerr thanked the EFCC and President Tinubu for prioritizing youth empowerment and invited EFCC oversight to ensure the fund’s integrity.