ABUJA, NIGERIA — President Bola Ahmed Tinubu has issued a major policy directive instructing that all liquid cash recoveries made by the Economic and Financial Crimes Commission (EFCC), alongside unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund, be channeled into the Nigerian Education Loan Fund (NELFUND).
The policy was formally announced on Wednesday, August 19, 2026, by the Minister of Education, Dr. Tunji Alausa, during a briefing with State House correspondents following the Federal Executive Council (FEC) meeting at the Presidential Villa.
Core Principles & Scope of the Transfer Directive
To ensure statutory compliance, the administration established clear boundaries on what assets qualify for transfer to the student loan scheme:
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Liquid Cash Only: The directive applies strictly to unencumbered, liquid cash recoveries secured by the EFCC that are free from active litigation or legal claims. Physical assets, seized real estate, and disputed funds are excluded.
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Unclaimed Dividends & Dormant Accounts: Liquid capital residing in dormant bank accounts and unclaimed dividends held under the Capital Market Trust Fund will be integrated into NELFUND’s operational capital base.
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Legal Alignment: Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has been tasked with reviewing the legislative frameworks of both trust funds and working with EFCC Chairman Olanipekun Olukoyede to formalize smooth transfer protocols.
