Tinubu Orders EFCC to Channel Seized Loot, Unclaimed Dividends to NELFUND
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President Bola Tinubu instructed the Economic and Financial Crimes Commission (EFCC) to transfer all legally recovered looted funds, unclaimed dividends, and dormant accounts to the Nigerian Education Loan Fund (NELFUND) to bolster tertiary education financing. The Ministry of Education's Dr. Tunji Alausa announced this decision at the Federal Executive Council's fourth meeting in 2026 at the State House, Abuja.
Alausa emphasized that the directive applies solely to liquid funds that have been cleared and are no longer subject to legal challenges. The Attorney General of the Federation and Minister of Justice, along with the Minister of Finance, would collaborate with the EFCC Chairman to identify and transfer the eligible funds. The funds would only be transferred if they are free of legal issues, ensuring that only cleared and unencumbered monies are directed towards NELFUND.
This move aims to strengthen Nigeria's education system as the country strives to become a $1 trillion economy, with more than 1.2 million students currently benefiting from NELFUND.
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