morganable politics/Governance
Nigeria’s unclaimed dividends currently stand at about N242bn, according to data from the Securities and Exchange Commission
KaNo—
President Bola Tinubu on Wednesday ordered that all liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), alongside unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund, be channelled into the Nigerian Education Loan Fund (NELFUND) to strengthen its long-term financial sustainability.
The directive was announced by the Minister of Education, Dr. Tunji Alausa, while briefing State House correspondents after the Federal Executive Council (FEC) meeting held at the Presidential Villa, Abuja.
The meeting, presided over by the President, marked the council’s first sitting since June 29.
Alausa said the decision forms part of broader efforts by the Tinubu administration to ensure that the student loan scheme remains adequately funded as demand continues to rise among Nigerian students in public tertiary institutions.
“The President has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding,” the minister said.
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today.”
He clarified that the directive applies strictly to liquid funds and excludes physical assets such as seized properties.
“Note, and the President was very clear, not seized properties, or recovered looted funds, but liquid funds from the EFCC will now be transferred to NELFUND,” Alausa added.
Unclaimed Dividends Reaches N242bn
Nigeria’s unclaimed dividends currently stand at about N242bn, according to data from the Securities and Exchange Commission.
The figure has risen steadily in recent years from about N158.4bn in 2019 to N190bn in 2023 due to factors including outdated shareholder records, unresolved estate issues involving deceased investors, and unlinked bank accounts.
Separately, the EFCC has recovered over N566bn and $411m in monetary assets over time.
However, the minister emphasised that only cash recoveries that are legally cleared and not subject to litigation would be transferred to the student loan fund.
“Every single fund that is still subject to a legal challenge will not be part of the money that will be transferred to NELFUND,” he said.
“The funds that will be transferred will be all cleared funds, unencumbered funds, looted funds that legally belong to Nigerians.”
“That will work, and look at the existing Act that set up these two trust funds on how we can move the money legally to NELFUND, and also work with the chairman of the EFCC to look at the entire basket of recovered funds,” he said.
The minister noted that the move aligns with Tinubu’s campaign promise to expand access to higher education through student financing, describing the loan scheme as a major intervention in Nigeria’s education sector.
1.2 Million Students Benefits
According to him, more than 1.2 million Nigerian students have already benefited from the scheme since its introduction, with significant disbursements made both to individuals and institutions.
“Today, we have over 1.2 million Nigerian students benefiting from NELFUND, and NELFUND has disbursed over N93bn as stipends to students all across public institutions in the country, both federal and state,” he said.
“NELFUND has also disbursed over N250bn as institutional fees to all public institutions across the country. This has been a phenomenal blessing to Nigeria and to every Nigerian child.”
Beyond student financing, the Federal Executive Council also approved several education-related initiatives aimed at strengthening human capital development.
Among them is the rollout of an Entrepreneurship, Innovation and Business Incubation Certification Programme across 14 federal universities.
“This programme will kick off in 14 federal universities this year, and we hope to expand it to all other tertiary institutions,” Alausa said.
“It’s a programme that has been tested at the University of Lagos. It has shown to improve students’ ability to be job creators and not job seekers, to make them innovators and entrepreneurs.”
The universities selected for the pilot phase include 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.
Originally initiated on April 29, 2006, with a projected completion date of February 28, 2008, construction on the library complex stalled in October 2008 due to funding constraints.
Alausa said the Tinubu administration had mobilised fresh funding to revive the project, drawing from multiple sources including the Tertiary Education Trust Fund and private contributions.
“President Bola Tinubu, when he came in, mandated that we look for real funds to complete this national library,” he said.
“He directed that we source funds from the Tertiary Education Trust Fund. Also, Her Excellency Senator Oluremi Tinubu indicated that all gifts for her last birthday should be directed towards the completion of the National Library. She was able to help us raise about N25bn.”
According to the minister, the total approved funding for the project now stands at approximately N155bn, covering both construction and furnishing.
“We’re hoping that construction will flag off in the next few months. Abandoned for 18 years, President Bola Tinubu has now been able to mobilise funds together for work to start again at the National Library,” he added.
In another development, the council approved the establishment of the Academy for Gifted and Talented Children, transforming the existing Suleja Academy into a fully autonomous institution with its own governing board.
The initiative is aimed at identifying and nurturing exceptional young Nigerians, with funding expected to come from government appropriations, endowments and private donations.
“We need to do this because we have to look for every single genius in this country, bring them in, nurture them, and let them help create the Nigeria of tomorrow,” Alausa said.
Observers say the redirection of recovered funds to education signals a strategic shift towards investing in human capital, though questions remain about implementation, transparency and the sustainability of funding mechanisms.
