By By Elizabeth Ugbo
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Tuesday handed over 1,452 recovered items to the Federal Ministry of Education in Abuja. The items, recovered from proceeds of crime during the commission’s nationwide Operation Eagle Flush, will equip federal unity colleges across Nigeria. Olukoyede made the presentation to Education Minister Tunji Alausa as part of the Federal Government’s policy of converting recovered assets into public benefits.
Recovered Items to Improve Schools
The recovered items include 501 double-step bunk beds, 939 mattresses and 12 wooden beds with mattresses.
Olukoyede said the items came from Operation Eagle Flush, a nationwide crackdown on cybercrime and financial offences conducted in late 2024.
He described the operation as the largest single enforcement exercise in the commission’s history.
“We are gathered here this afternoon to witness the handover to the Federal Ministry of Education of some recovered proceeds of crime duly forfeited to the Federal Government of Nigeria,” he said.
Operation Eagle Flush Led to Hundreds of Arrests
According to the EFCC chairman, the operation resulted in the arrest of 792 suspects, including 193 foreign nationals.
He said investigators prosecuted and secured convictions against the suspects before authorities deported the foreign nationals after they served their prison terms.
Olukoyede explained that the Federal Government decided to channel the recovered assets into projects that directly benefit Nigerians.
Recovered Assets Now Support Education
The EFCC chairman noted that this was not the first time recovered assets had strengthened the education sector.
He recalled that the Federal Government converted a forfeited private university into the Federal University of Applied Sciences, Kachia, Kaduna State.
“You all remember sometime last year, a whole university facility was forfeited to the Federal Government and it was handed over to the Ministry of Education. Today, we have the Federal University of Applied Sciences in Kachia, Kaduna State,” he said.
Student Loan Fund Started with Recovered Money
Olukoyede also disclosed that recovered proceeds of crime provided the initial funding for the Nigerian Education Loan Fund (NELFUND).
He said more than 1.4 million students have already benefited from the programme.
According to him, wider access to education will reduce the number of young people who may turn to cybercrime.
“So, today, those who never thought of going to school now have the opportunity of going to school. Potentially, 1.4 million young people have been taken out of the dockets of those who have the potential to commit financial crimes,” he said.
Minister Says Recovered Funds Are Building Education
Receiving the items, Education Minister Tunji Alausa praised the EFCC chairman for adopting preventive strategies against corruption.
He highlighted procurement fraud and cybercrime as major challenges facing the country.
The minister said President Bola Tinubu has deliberately directed recovered assets toward education because the sector remains central to national development.
“We have a President that believes so much in education. Education is the bedrock of the development of this country. As the President advances his agenda to build a one-trillion-dollar economy, he knows educating the youth is a pillar of building that economy,” Alausa said.
N50 Billion Seed Fund Came from EFCC Recoveries
Alausa revealed that the first N50 billion seed capital for the Nigerian Education Loan Fund came from recovered proceeds of crime.
“The first N50 billion that started the Nigerian Education Loan Fund came from the EFCC. This fund would not have been there without your aggressiveness in pursuing criminals looting public funds. So, we’re converting stolen money to gains—gains to develop our country,” he said.
He reaffirmed the ministry’s commitment to ensuring recovered assets improve access to quality education.
Unity Colleges to Receive New Facilities
The minister said the newly recovered beds and mattresses will go to federal unity colleges nationwide.
“We need these bunks. We need these mattresses. We need these beds in our unity colleges. Chairman, thank you. We in the education sector have been the biggest beneficiary of this,” he said.
Alausa also disclosed that the Federal University of Applied Sciences, Kachia, admitted about 3,000 students during its first academic session.
He added that the institution expects to enrol more than 5,000 students in its second year.
EFCC Pledges Transparency
Olukoyede assured Nigerians that the commission would continue recovering proceeds of crime while ensuring transparent management of forfeited assets.
“There is not a penny of forfeited or recovered proceeds of crime to be misappropriated or misused. On behalf of the management and staff of the EFCC, we promise transparency and accountability in the application of proceeds of crime,” he said.
He added that President Tinubu approved the policy because children and young people suffer the greatest impact of corruption and should remain the primary beneficiaries of recovered assets.
