President Bola Tinubu orders that funds recovered by Nigeria’s anti-graft agency, the EFCC, and certain dormant or unclaimed monies be redirected to the Nigerian Education Loan Fund (NELFUND). The directive is announced by Nigeria’s Minister of Education, Dr. Tunji Alausa, after a Federal Executive Council (FEC) meeting in Abuja.
According to multiple outlets, the move covers EFCC-recovered liquid funds as well as unclaimed dividends and monies from trust or dormant accounts, which are said to help NELFUND meet its growing financial obligations. Vanguard specifies the scope as “seized funds, unclaimed dividends, and trust funds” and notes that NELFUND is established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024. Daily Post and Legit.ng describe the decision as part of a broader effort to sustain student loan funding.
Nigerian Eye adds detail on the treatment of assets under legal contention, stating the directive applies only to liquid funds not under legal dispute, and it excludes seized properties or contested assets. Other reports focus more generally on the transfer of recovered and unclaimed funds to NELFUND.
