The Economic and Financial Crimes Commission (EFCC) has disclosed that funds recovered from fraud-related cases in 2024 were directed into the Nigerian Education Loan Fund (NELFUND).
In its annual report released on Sunday in Abuja, the anti-graft agency stated that over N50 billion was invested into the loan fund, which was established under the Students Loans (Access to Higher Education) Act, 2024, signed by President Bola Tinubu.
According to the EFCC, the total recoveries for the year included N364.6 billion, $214.51 million, 54,319 euros, 31,265 pounds, CAD 2,990, and AUD 740.
Additionally, the commission recovered CFA 7,821,375, AED 170, SAR 5,115, JPY 73,000,105, GH₵ 225, and ZAR 50,000.
The agency emphasized that a portion of these funds was allocated to government initiatives aimed at benefiting Nigerian citizens.
Beyond financial recoveries, the EFCC reported securing 4,111 convictions in 2024, marking the highest number in its 22-year history. The report detailed that 15,724 cases stemmed from petitions, 12,928 investigations were conducted, and 5,083 prosecutions were initiated.
Lagos led in the number of convictions with 685, followed by Enugu with 516 and Ibadan with 501. The commission reaffirmed its commitment to tackling corruption and ensuring that recovered funds serve the public good.
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