President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), along with unclaimed dividends held in the Capital Market Trust Fund and Dormant Account Trust Fund, be transferred to the Nigerian Education Loan Fund (NELFUND).
Minister of Education, Dr Tunji Alausa, disclosed this after Wednesday’s Federal Executive Council meeting at the Presidential Villa in Abuja.
Alausa clarified that the directive covers only liquid and legally cleared funds recovered by the EFCC, excluding seized properties, non-liquid assets and funds currently subject to legal disputes.
Nigeria’s unclaimed dividends are estimated at N242 billion, according to the Securities and Exchange Commission. The minister said the transfer is intended to strengthen NELFUND’s financial capacity and enable it to meet its growing obligations.
NELFUND has so far supported more than 1.2 million students, disbursing over N93 billion in stipends and more than N250 billion in institutional fees to public tertiary institutions across the country.
Alausa said the President had directed the Attorney-General of the Federation, Lateef Fagbemi (SAN), 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 minister also announced FEC approval for an Entrepreneurship, Innovation and Business Incubation Certification Programme across 14 federal universities, with plans to expand it to other tertiary institutions.
In addition, the council approved about N155 billion for the completion and furnishing of the long-delayed National Library of Nigeria headquarters in Abuja, while also approving the establishment of an autonomous Academy for Gifted and Talented Children.
