EFCC Hands Over Recovered Assets Worth Billions Of Naira To Education Ministry

The Economic and Financial Crimes Commission (EFCC), has handed over recovered assets worth billions of naira forfeited to the federal government to the Federal Ministry of Education as part of efforts to channel proceeds of crime into national development.

The items, presented during a ceremony at the EFCC headquarters in Abuja include 501 double-step bunk beds, 939 mattresses, and 12 wooden beds with mattresses.

Speaking at the handover, the executive chairman of the EFCC, Ola Olukoyede, said the assets were recovered during Operation Eagle Flush, described as the commission’s single largest cybercrime operation.

According to him, “The operation led to the arrest of 792 suspects, including 193 foreign nationals, who were investigated, prosecuted, convicted and subsequently deported to their respective countries.”

He said the decision to transfer the recovered items to the Ministry of Education aligns with the federal government’s commitment to improving the quality of education across the country.

The EFCC chairman noted that President Bola Tinubu approved the initiative in recognition of the fact that children and young people are often the greatest victims of corruption and should be the primary beneficiaries of assets recovered from criminal activities.

He explained that the handover was in line with the provisions of the Proceeds of Crime Act and follows other government interventions in the education sector funded through recovered assets, including the release of N50 billion to support the student loan scheme and the conversion of Nok University into the Federal University of Applied Sciences, Kachia, Kaduna State.

According to him, the initiatives are expanding access to education and creating more opportunities for young Nigerians.

The EFCC boss reaffirmed the Commission’s commitment to intensifying the recovery of proceeds of crime while ensuring that recovered assets are deployed transparently and effectively for the benefit of Nigerians.

Receiving the items, the minister of Education, Dr. Tunji Alausa commended the EFCC for its role in reducing corruption, particularly in public procurement.

He also praised the commission’s sustained fight against cybercrime, saying its efforts have not only reduced criminal activities but also resulted in asset recoveries that are directly benefiting the education sector.

“We in the education sector have been the greatest beneficiaries of the EFCC’s actions,” the minister said.

Alausa recalled that the ministry had earlier benefited from the conversion of a university seized from a former minister into the Federal University of Applied Sciences in Southern Kaduna.

He also expressed appreciation to the EFCC for facilitating the provision of N50 billion that enabled the take-off of the Nigerian Education Loan Fund (NELFUND).

He described the collaboration between the EFCC and the Ministry of Education as a demonstration of how recovered public assets can be redirected towards improving educational opportunities and advancing national development.