President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund to strengthen its long-term financial capacity.
The President also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
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 in Abuja.
The meeting was the council’s first sitting since June 29.
Alausa said the directive was aimed at ensuring that NELFUND remains financially capable of meeting its growing obligations.
“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,” he said.
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today.”
However, Alausa clarified that the directive covers only liquid cash recoveries and does not include seized properties or other non-liquid assets.
“Note, and the President was very clear, not seized properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFUND,” he said.
According to the Securities and Exchange Commission, unclaimed dividends in Nigeria currently stand at approximately ₦242 billion. The figure has risen from about ₦158.4 billion in 2019 and ₦190 billion in 2023, with outdated shareholder records, unresolved estates of deceased investors and missing bank account linkages among the factors contributing to the accumulation.
The EFCC has separately recovered more than ₦566 billion and $411 million in monetary assets over the years. Alausa said only eligible cash recoveries would be considered for transfer to NELFUND.
He added that funds still subject to legal disputes would be excluded.
“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.
“The funds that will be transferred will be all cleared funds, unencumbered funds, looted funds that legally belong to Nigerians.”
Alausa said President Tinubu had fulfilled his campaign commitment with the establishment of NELFUND, noting that more than 1.2 million Nigerian students had benefited from the scheme.
“Today, we have over 1.2 million Nigerian students benefiting from NELFUND, and NELFUND has disbursed over N93bn as stipends to students all across public institutions in the country, both federal and state,” he said.
“NELFUND has also disbursed over N250bn as institutional fees to all public institutions across the country, both federal and state.”
The minister said the President had directed the Attorney-General of the Federation, Lateef Fagbemi, to work with the Ministries of Finance and Education and the Debt Management Office to establish the legal framework for transferring the unclaimed dividend funds.
The President also directed the EFCC chairman to review the pool of recovered funds and identify eligible liquid assets for transfer.
Meanwhile, the council approved the rollout of an Entrepreneurship, Innovation and Business Incubation Certification Programme across 14 federal universities.
Alausa described the initiative as a technology-driven programme designed to equip students with entrepreneurship, innovation, business incubation and enterprise development skills, alongside digital learning certification, mentorship and incubation support.
The programme will initially be implemented at 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.
“This programme will kick off in 14 federal universities this year, and we hope to expand it to all other tertiary institutions,” Alausa said.
He said the programme had previously been tested at the University of Lagos and had improved students’ capacity to become entrepreneurs and job creators.
The council also approved an augmentation of the existing contract for the completion of the National Library of Nigeria headquarters complex in Abuja.
The project was initiated on April 29, 2006, with an original completion date of February 28, 2008, but construction stopped in October 2008.
Alausa said Tinubu directed the government to secure funding to restart the project, including resources from the Tertiary Education Trust Fund.
He added that First Lady Senator Oluremi Tinubu had also supported the project by directing gifts from her last birthday towards its completion, helping to raise about ₦25 billion.
The total approved augmentation, combined with TETFund resources, stands at approximately ₦155 billion, comprising ₦118.309 billion for construction and about ₦37 billion for furnishing.
“We’re hoping that construction will flag off in the next few months,” Alausa said.
“Abandoned for 18 years, President Bola Tinubu has now been able to mobilise funds together for work to start again at the National Library.”
The council further approved the establishment of the Academy for Gifted and Talented Children.
The approval will transform the existing Suleja Academy, originally established to nurture gifted Nigerian children but which later operated as a federal government college, into an autonomous institution with its own governing board and council.
Alausa said the academy would be funded through government appropriation, endowments and donations.
“We need to do this because we have to look for every single genius in this country, bring them in, nurture them, and let them help create the Nigeria of tomorrow,” he said.
He added that the Attorney-General of the Federation had been directed to prepare an executive bill for transmission to the National Assembly.
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