FEC directs transfer of recovered EFCC loot and unclaimed dividends to NELFUND

ABUJA, Nigeria – The Federal Executive Council (FEC) has directed that liquid looted funds recovered by the <a href=" and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) to strengthen its liquidity and meet growing student loan demands.

Addressing State House correspondents after the FEC meeting in Abuja, the Minister of Education, <a href=" Tunji Alausa, announced that the Council also authorised the mobilisation of eligible resources from the Unclaimed Dividends Trust Fund and the Dormant Accounts Trust Fund for NELFUND, subject to full statutory compliance.

The Council further approved the transformation of the existing Suleja Academy into the Nigerian Academy for the Gifted and Talented.

Under the new operational structure, the specialised institution will function as an autonomous entity governed by its own dedicated board and council, with broader funding models incorporating federal budgetary appropriations, private endowments, and philanthropic donations.

The Attorney-General of the Federation has been mandated to draft an executive bill for transmission to the National Assembly to grant the academy full legal backing.