President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), alongside unclaimed dividends held under relevant capital market and dormant account trust arrangements, be channelled to the Nigerian Education Loan Fund (NELFUND).
Key Highlights
- EFCC recovered funds to support NELFUND: President Bola Tinubu directed that eligible liquid funds recovered by the EFCC be channelled to NELFUND.
- Unclaimed dividends to NELFUND: Unclaimed dividends and funds under dormant account trust arrangements will also be transferred, subject to legal requirements.
- Legal disputes excluded: Funds involved in ongoing court cases or other legal challenges will not be transferred.
- NELFUND supports 1.2 million students: More than 1.2 million students have benefited from the education loan scheme.
- Over N93bn in stipends disbursed: NELFUND has provided more than N93bn in student stipends.
The decision was announced on Wednesday by the Minister of Education, Dr Tunji Alausa, during a briefing with State House correspondents following the Federal Executive Council meeting at the Presidential Villa in Abuja.
Alausa said the directive was intended to strengthen NELFUND’s financial capacity as the education loan scheme expands and more Nigerian students benefit from its programmes.
He stressed that the directive applies only to cash recovered by the EFCC and does not cover seized properties or other non-liquid assets.
“The President has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding,” Alausa said.
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He added that the council had also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND, subject to the necessary legal processes.
Nigeria’s unclaimed dividends are currently estimated at about N242bn, according to the Securities and Exchange Commission. The figure has risen from approximately N158.4bn in 2019 and N190bn in 2023, with outdated shareholder information, unresolved estate matters and unlinked bank accounts among the factors contributing to the accumulation.
The minister said the Attorney-General of the Federation, Lateef Fagbemi, would work with the Ministries of Finance and Education as well as the Debt Management Office to determine how the funds can legally be transferred.
Alausa also said funds tied up in ongoing court cases would not be included in the arrangement.
“Every single fund that is still subject to a legal challenge will not be part of the money that will be transferred to NELFUND,” he said.
He said only cleared and unencumbered funds legally available for transfer would be considered.
The minister further disclosed that the EFCC had recovered more than N566bn and $411m in monetary assets over the years, although the amount eventually transferred to NELFUND would depend on the funds that meet the conditions outlined by the government.
NELFUND has supported 1.2 million students
Alausa said the education loan scheme had already expanded significantly, with more than 1.2 million Nigerian students benefiting from NELFUND.
According to him, the fund has disbursed more than N93bn in student stipends across federal and state-owned public institutions.
He added that more than N250bn had also been released to public tertiary institutions to cover institutional fees.
The minister described the development as evidence of the government’s effort to expand access to tertiary education and provide financial assistance to students.
FG approves entrepreneurship programme for 14 universities
The Federal Executive Council also approved the rollout of an Entrepreneurship, Innovation and Business Incubation Certification Programme in 14 federal universities.
The initiative is designed to equip students with practical skills in entrepreneurship, innovation, enterprise development and business incubation, while providing digital certification, mentorship and incubation support.
Alausa said the programme had previously been tested at the University of Lagos, where it demonstrated potential to help students develop businesses and become job creators.
The 14 universities selected for the first phase are Ahmadu Bello University, Bayero University Kano, Nnamdi Azikiwe University, Obafemi Awolowo University, University of Abuja, University of Benin, University of Ibadan, University of Ilorin, University of Jos, University of Lagos, University of Maiduguri, University of Nigeria, Nsukka, University of Port Harcourt and Usmanu Danfodiyo University.
The minister said the government hopes to extend the programme to other tertiary institutions after the initial rollout.
National Library project gets N155bn augmentation
Council also approved additional funding for the completion of the long-delayed National Library of Nigeria headquarters in Abuja.
The project was initiated in 2006 with an original completion target of 2008, but construction was halted in October 2008.
Alausa said the Tinubu administration had worked to mobilise fresh funding for the project, including support from the Tertiary Education Trust Fund (TETFund).
He also disclosed that First Lady Senator Oluremi Tinubu had directed donations received for her birthday towards the project, helping to raise about N25bn.
With the additional funding approved by the council, the total augmentation for the National Library project is now approximately N155bn.
Of the amount, about N118.309bn is earmarked for construction work, while approximately N37bn will be used for furnishing the facility.
Alausa said the government expects construction work to resume in the coming months after the project remained stalled for about 18 years.
Suleja Academy to become autonomous institution
The Federal Executive Council also approved the establishment of the Academy for Gifted and Talented Children.
The initiative will transform the existing Suleja Academy, which was originally established to nurture gifted Nigerian children but later operated as a conventional federal government college, into an autonomous institution.
Under the new arrangement, the academy will have its own governing board and council, while its funding will come from government appropriations, endowments and donations.
Alausa said the objective was to identify exceptionally talented Nigerian children and provide them with the specialised support required to develop their abilities.
The Attorney-General of the Federation has been directed to prepare an executive bill for transmission to the National Assembly to give legal backing to the new institution.
