EFCC Pumps N100 Billion from Corruption Recoveries into Student Loans, Credit Schemes

EFCC Pumps N100 Billion from Corruption Recoveries into Student Loans, Credit Schemes



The Economic and Financial Crimes Commission (EFCC) has made waves by channeling N100 billion recovered from corruption cases into Nigeria’s student loan and consumer credit programs. 

This was revealed by Wilson Uwujaren, EFCC’s public affairs director, during a Thursday event in Abuja marking two years since Ola Olukoyede took the helm as EFCC chairman.

In the past two years, the EFCC has recovered a staggering N566.3 billion, $411.5 million, £71,306, €182,877, and other foreign currencies. 

Beyond the student loan and credit schemes, agencies like the Niger Delta Development Commission, AMCON, FIRS, and NHIA have also benefited from these funds.Under Olukoyede, the EFCC has been on a roll, securing 7,503 convictions and investigating over 29,000 petitions between October 2023 and September 2025. 

They’ve also filed 10,500 court cases and seized 1,502 properties, including 753 duplexes in Abuja and Nok University in Kaduna. 

High-profile cases involving names like Fred Ajudua, Haliru Bello Mohammed, Sambo Dasuki, and Ngozi Olojeme have been revived, showing no one is untouchable.

The EFCC also cracked down on cybercrime, nabbing 792 suspects, including 192 foreigners, in a December 2024 Lagos sting operation targeting crypto and investment fraud. 

They’ve teamed up with the FBI, UK’s National Crime Agency, and others to return stolen assets to victims in the US, Canada, and Spain.

To prevent corruption, the EFCC created a new Fraud Risk Assessment and Control unit to keep an eye on government budgets and stop leakages before they start. 

And to keep things clean internally, 55 officers were sacked for misconduct, with Olukoyede insisting that corruption can’t be fought with corruption.

This report paints a picture of an EFCC that’s not just fighting crime but also investing in Nigeria’s future while cleaning up its own house. 

 

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Source: Nigerianeye

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