Tinubu Directs EFCC Cash Recoveries, Dividends to NELFUND

President Bola Tinubu has directed that eligible liquid funds recovered by the Economic and Financial Crimes Commission and funds from designated unclaimed dividend and dormant account trusts be channelled to the Nigerian Education Loan Fund.

Minister of Education Tunji Alausa announced the decision after Wednesday’s Federal Executive Council meeting at the Presidential Villa in Abuja.

Alausa stressed that the directive covers liquid cash recoveries, not seized properties, and excludes funds that remain subject to legal disputes.

He said the Attorney-General of the Federation, Lateef Fagbemi, would work with the ministries of Finance and Education and the Debt Management Office to establish the legal process for transferring funds from the relevant trust arrangements to NELFUND.

The government also plans to channel funds from the Capital Market Trust Fund and Dormant Account Trust Fund to the education loan programme.

Unclaimed dividends in Nigeria are estimated at about N242 billion, according to figures cited from the Securities and Exchange Commission. Investors can still use the SEC’s established process to search for and reclaim outstanding dividends.

NELFUND provides interest-free loans to eligible students in Nigerian tertiary institutions, covering institutional charges and, where applicable, upkeep support.

The fund’s official website currently reports more than one million students supported and over N184 billion in loans disbursed.

Why It Matters

NELFUND’s expanding loan obligations require a sustainable source of financing as more students join the programme. Redirecting eligible recovered funds could increase the resources available for education, but the treatment of unclaimed dividends also raises questions about protecting the rights of investors who may later come forward to claim their money.

What Remains Unconfirmed

The government has not yet publicly stated the exact amount of EFCC cash recoveries that will ultimately be transferred to NELFUND.

It is also not yet clear how much of the roughly N242 billion in unclaimed dividends will become available to NELFUND after legal requirements and valid investor claims are taken into account.