The Economic and Financial Crimes Commission (EFCC) has disclosed that over N50 billion recovered from fraudsters in 2024 was among the funds invested into the Nigerian Education Loan Fund (NELFUND).

The commission’s 2024 statistical report, made available to journalists in Abuja, highlighted this development.

NELFUND was established through the Students Loans (Access to Higher Education) Act, 2024, signed into law by President Bola Ahmed Tinubu on April 3, last year, to eliminate financial barriers to higher education in the country.

Describing its activities in 2024 as one of its greatest achievements, the anti-graft agency noted that it recorded its largest single-year asset recovery since its inception in 2003.

According to the report, the N50 billion granted to NELFUND by the Federal Government was sourced from EFCC’s monetary recoveries, which include N364.6 billion; $214.51 million; 54,319 euros; 31,265 euros; CAD$2,990; and AUD$740.

“Others are: CFA 7,821,375; UAE Dirham 170; Saudi Arabian 5,115 Riyals; Japanese 73,000,105 Yen; Ghanaian cedi (GH¢) 225; and South African 50,000 Rands,” it stated.

The EFCC noted that some of the recovered funds had been reinvested by the Federal Government into initiatives that benefit Nigerians significantly.

The commission attributed its success to the dedication of its officers and the enabling environment provided by its management and stakeholders.

Furthermore, the EFCC reported securing 4,111 convictions in 2024—the highest in its 22-year history.

The convictions stemmed from 15,724 petitions, 12,928 investigations, and 5,083 prosecutions.

A breakdown of the convictions across its zonal offices showed that the Lagos Zonal Directorate led with 685 convictions from 3,224 petitions, 2,454 cases investigated, and 786 cases filed in court.

It was followed by Enugu, which secured 516 convictions from 545 cases prosecuted, while Ibadan recorded 501 convictions from 786 prosecutions.

Other figures include Benin (412 convictions), Ilorin (230), Kaduna (273), Gombe (147), Kano (148), Abuja (140), Makurdi (161), Maiduguri (95), Port Harcourt (185), Sokoto (108), and Uyo (220).

The commission also recorded its best-ever performance in asset recovery, achieving the single largest forfeiture in its history.

An appraisal of EFCC’s operations in the last 12 months indicated significant breakthroughs in cases involving Advance Fee Fraud, Money Laundering, and Cybercrime across all its Zonal Directorates.

The EFCC’s monetary recoveries for the year include N364,597,370,151.35, $214,513,439.55, UK£54,318.64, 31,265 euros, CAD$2,990, and AUD$740.

Other recovered funds include CFA 7,821,375, UAE Dirham 170, Riyals 5,115, Japanese Yen 73,000,105, Ghanaian Cedi (GH¢) 225, and South African Rands 50.

In terms of asset recovery, the commission recorded the forfeiture of over 750 duplexes and other apartments to the Federal Government in late 2024, marking its single largest property recovery since inception.

Additionally, 173 vehicles, cash sums of N9,477,977,318.78, $2,605,858.30, and £1,600 were recovered.

Cryptocurrency seizures included 13.37 BTC valued at $572,992.86, Ethereum worth $13,353.06, Green Satoshi tokens, and 1,002.547631 units of other digital assets.

Other recovered items included 378 electronics, one factory, one hotel, two gold chains, 14 parcels of land, petroleum products, and 70 tonnes of unidentified solid minerals.

The EFCC reiterated that some of the recovered funds had been reinvested in initiatives beneficial to Nigerians, including the N50 billion granted to NELFUND.

Beyond funding various developmental projects, these initiatives are expected to enhance public welfare, promote sustainable growth, and contribute to Nigeria’s long-term development objectives.