Tinubu Directs EFCC Cash Recoveries, N242bn Unclaimed Dividends to NELFUND


 

By Abdulahi Musa 


President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission, alongside unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund, be channelled to the Nigerian Education Loan Fund to strengthen its financial sustainability.


The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting presided over by Tinubu at the Presidential Villa, Abuja. 


Alausa clarified that the directive applies strictly to liquid cash recoveries by the EFCC and does not cover seized properties, recovered properties or funds currently subject to legal disputes.


Nigeria’s unclaimed dividends are currently estimated at about ₦242bn, according to the Securities and Exchange Commission. The figure has risen from approximately ₦158.4bn in 2019 and ₦190bn in 2023, largely due to outdated shareholder records, unresolved estate matters and missing bank account linkages. 


The minister said the President had directed the Attorney-General of the Federation, Lateef Fagbemi (SAN), to work with the Ministries of Finance and Education, as well as the Debt Management Office, to determine how the unclaimed funds could legally be transferred to NELFUND.


He added that funds still involved in legal challenges would be excluded, stressing that only cleared and unencumbered funds would be transferred.


Alausa also disclosed that more than 1.2 million Nigerian students are currently benefiting from NELFUND, with the agency having disbursed over ₦93bn in student stipends and more than ₦250bn in institutional fees to public tertiary institutions across the country. 


The development is expected to provide NELFUND with additional resources as demand for student loans continues to grow.

Comments

Post a Comment

Popular posts from this blog

Tinubu Orders EFCC to Lift Freeze on Osun Government Accounts Ahead of Governorship Election

Image
  By Ajimati Samuel  President Bola Ahmed Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to immediately vacate the court order freezing the bank accounts of the Osun State Government, citing concerns over the timing of the action as the state prepares for its August 15 governorship election. In a State House statement issued on Thursday, the President said he was deeply embarrassed by the development, stressing that although he respects the independence of anti-corruption agencies, the timing of the EFCC's move could create the impression that the Federal Government was attempting to influence the forthcoming election. Tinubu clarified that he had no prior knowledge of the EFCC's decision to obtain the court order on August 5, 2026, and reiterated his administration's commitment to allowing law enforcement and anti-corruption agencies to carry out their constitutional duties without political interference. According to the President, institutions es...
Read more

Accord Shocks APC, Wins Omisore’s Polling Unit in Osun Governorship Election

Image
  By Abdulahi Musa  The Accord Party has won the governorship election at the polling unit of former Osun Deputy Governor and ex-National Secretary of the All Progressives Congress (APC), Senator Iyiola Omisore. Results uploaded to the Independent National Electoral Commission (INEC) Result Viewing Portal (IReV) showed that Accord secured 131 votes at Polling Unit 003, Ife Ward 1 (Moore), St. Gabriel Primary School, in Ife East Local Government Area. The APC placed second with 85 votes, while the African Democratic Congress (ADC) polled 10 votes. Other political parties recorded only a few votes at the polling unit. The development marks another early gain for Accord as the collation of results from polling units across Osun State continues. The victory comes shortly after Accord also prevailed at the polling unit of former Osun Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area. Accord recorded 125 votes there, defeating the APC, which polled 85 vo...
Read more

Imesi-Ile Youth Leader Celebrates Six New Lawyers, Commends IPA for Honouring Outstanding Achievers

Image
  By Abosede Adekunle  The National Youth Leader of Imesi-Ile, Comrade John Rotimi Fakanlu, has congratulated six indigenes of the community who were recently called to the Nigerian Bar, describing their achievement as a significant milestone that reflects the community's growing commitment to academic excellence and professional development. In a statement released on Saturday, Fakanlu also expressed appreciation to the Imesi-Ile Progressive Association (IPA), National Body, for recognising and celebrating the newly inducted legal practitioners. He specifically commended the National President of the association, Barr. Samuel Agbeluyi, mni, and the General Secretary, Mr. Sola Oluwadare, for what he described as a thoughtful initiative aimed at encouraging excellence among the youths of the community. The six newly qualified Barristers and Solicitors of the Supreme Court of Nigeria are Barr. Temidayo Fabiyi, Barr. Iyanuoluwa Babaniyi, Barr. Similoluwa Jegede, Barr. Taiwo Mayow...
Read more