President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), as well as unclaimed dividends held under the Capital Market Trust Fund and Dormant Account Trust Fund, be transferred to the Nigerian Education Loan Fund (NELFUND).
The Minister of Education, Dr Tunji Alausa, disclosed this while briefing State House correspondents after the Federal Executive Council meeting chaired by Tinubu at the Presidential Villa, Abuja, on Wednesday.
The meeting was the council’s first sitting since June 29.
Alausa clarified that the directive covers only cash recovered by the EFCC and does not include seized properties or other non-liquid assets. He added that funds still involved in legal disputes would also be excluded from the transfer.
According to the Securities and Exchange Commission, Nigeria’s unclaimed dividends have risen to about N242bn, from approximately N158.4bn in 2019 and N190bn in 2023. The increase has been linked to outdated shareholder records, unresolved estates of deceased investors and missing bank account information.
The EFCC has separately recovered more than N566bn and $411m in monetary assets over the years.
Alausa said NELFUND currently has more than 1.2 million Nigerian students benefiting from its programmes. He added that the agency had paid over N93bn in student stipends and more than N250bn in institutional fees to public tertiary institutions across the country.
The minister said Tinubu had directed the Attorney-General of the Federation, Lateef Fagbemi (SAN), to work with the Ministries of Finance and Education, as well as the Debt Management Office, to establish the legal framework for transferring the funds.
Meanwhile, the Federal Executive Council approved an Entrepreneurship, Innovation and Business Incubation Certification Programme for 14 federal universities.
The initiative, which is expected to begin this year, will provide students with training in entrepreneurship, innovation, business incubation and enterprise development, alongside digital certification, mentorship and incubation support.
The 14 institutions are Ahmadu Bello University, Bayero University Kano, Nnamdi Azikiwe University, Obafemi Awolowo University, University of Abuja, University of Benin, University of Ibadan, University of Ilorin, University of Jos, University of Lagos, University of Maiduguri, University of Nigeria Nsukka, University of Port Harcourt and Usmanu Danfodiyo University.
The council also approved additional funding for the completion of the National Library of Nigeria headquarters in Abuja.
The project began on April 29, 2006, with an expected completion date of February 28, 2008, but construction was halted in October 2008.
Alausa said the approved augmentation stands at about N155bn, including N118.309bn for construction and approximately N37bn for furnishing.
He disclosed that TETFund would provide funding, while Senator Oluremi Tinubu had also helped raise about N25bn through donations made towards the project in connection with her last birthday.
The minister said construction is expected to resume within the next few months after the project was left abandoned for 18 years.
The council further approved the establishment of the Academy for Gifted and Talented Children, transforming the existing Suleja Academy into an autonomous institution with its own governing board and council.
Alausa said the academy would identify and nurture exceptionally gifted Nigerian children, with funding expected to come from government appropriations, endowments and donations.
He added that the Attorney-General of the Federation had been directed to prepare an executive bill for transmission to the National Assembly.
