The Economic and Financial Crimes Commission (EFCC) has disclosed that no fewer than 792 cybercrime Suspects including several foreign nationals were arrested in one of Nigeria’s biggest anti-cybercrime operations, as it formally transferred recovered assets to the Federal Ministry of Education to improve student welfare in Unity Schools.
The assets, comprising of 501 double-decker bed frames, 939 mattresses and 12 wooden beds with mattresses, were recovered during Operation Eagle Flush, a major crackdown on cybercrime carried out towards the end of 2024.
Speaking at the restitution ceremony in Abuja, EFCC Chairman, Mr. Ola Olukoyede, said the suspects were investigated, prosecuted, convicted and the foreign nationals repatriated after serving their prison terms.
He explained that the handover was in line with the provisions of the Proceeds of Crime Act, which mandates that recovered assets be transparently redeployed for public benefit.
According to Olukoyede, children and young people are among the greatest victims of corruption and financial crimes, making it appropriate that recovered proceeds be channelled towards improving education.
He noted that the latest intervention adds to the Commission’s contributions to the education sector, recalling that a forfeited university facility was earlier transferred to the Federal Government and converted into the Federal University of Applied Sciences, Kachia.
Olukoyede also revealed that proceeds recovered from financial crimes were used as part of the seed funding for the Nigerian Education Loan Fund (NELFUND).
According to him, about 1.4 million students have so far benefited from the student loan scheme through tuition payments and monthly upkeep allowances, easing financial burdens that often expose vulnerable youths to cybercrime and other financial offences.
Receiving the assets on behalf of the Federal Government, the Minister of Education, Dr. Tunji Alausa, said the restitution reflects President Bola Ahmed Tinubu’s commitment to converting proceeds of crime into investments that directly benefit Nigerians.
He said the administration was deliberately redirecting recovered assets to strengthen learning infrastructure, improve student welfare and expand access to quality education.
Alausa described education as central to President Tinubu’s vision of building a $1 trillion economy through sustained investment in human capital.
He said the education sector has emerged as one of the biggest beneficiaries of the Federal Government’s asset recovery programme, citing the establishment of the Federal University of Applied Sciences, Kachia, from a forfeited property instead of selling it.
According to the minister, the institution has already admitted over 3,000 students into programmes in applied sciences, engineering, nursing, health sciences and other critical disciplines.
He assured Nigerians that the recovered beds and mattresses would be distributed transparently and equitably to Federal Unity Colleges across the country to improve boarding facilities and students’ welfare.
The minister also commended Olukoyede for deepening public confidence in the EFCC through professionalism, strict adherence to the rule of law and sustained efforts in tackling corruption, procurement fraud and cybercrime.
The event concluded with the signing of a Deed of Release by officials of the EFCC and the Federal Ministry of Education, including the ministry’s Permanent Secretary, Mr. Abel Olumuyiwa Enitan, formally transferring the recovered assets to the ministry.