Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that a portion of the commission’s recovered funds was allocated to national development programmes, including the Nigeria Education Loan Fund (NEL FUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
Speaking in a recent interview, Olukoyede said the EFCC recovered several hundred billions of naira in the past year. He noted that part of the funds helped launch NEL FUND, which has already benefited over 200,000 students across the country.
“In fact, it is money from our recovery that was used to kick off that programme. That’s a major plus,” he said.
The EFCC boss also disclosed that ₦50 billion in recovered assets was used to support CREDICORP, aimed at expanding credit access to Nigerians, especially civil servants.
According to him, making credit more accessible can ease financial pressure and reduce the temptation for corrupt practices. “In a cash-based economy, civil servants often can’t afford basic needs even afr years of service. This initiative allows them access to loans at single-digit interest rates, repayable over time,” he explained.
Olukoyede argued that improved credit access would promote dignity and reduce the economic desperation that often fuels corruption. “If people know they can work, borrow responsibly, and own homes, it changes everything,” he added.
