The Economic and Financial Crimes Commission (EFCC) on Sunday said that funds recovered from fraudsters across the country in 2024 have been invested into the Nigerian Education Loan Fund (NELFUND).
In its 2024 statistical report issued in Abuja, the commission said over N50 billion was invested in the loan fund established through the Students Loans (Access to Higher Education) Act, 2024 by President Bola Tinubu.
According to the EFCC, the recoveries made form fraudsters include N364.6 billion; $214.51 million; 54,319 euro; 31,265 euro; Canadian dollar (CAD) $2,990 and Australian dollar (AUD) $740.00.
“Others are: the French franc (CFA) 7,821,375, United Arab Emirates (UAE) Dirham 170, Saudi Arabian 5,115 Riyals, Japanese W73,000,105 Yen, Ghana’s cedi (GH¢) 225 and South Africa’s 50,000 Rands,” it said.
The anti-graft agency added that part of the monetary recoveries made were invested into government initiatives beneficial to citizens.
It also said that aside the recoveries, the EFCC secured 4,111 convictions in 2024 – its highest in its 22-year history.
Out of these convictions, 15,724 emanated from petitions while 12,928 investigations, and 5,083 prosecutions.
The commission also stated that Lagos ranked high in the number of convictions with 685 convictions followed by Enugu and Ibadan with 516 and 501 convictions respectively.
