Tinubu orders transfer of EFCC cash recoveries, N242bn unclaimed dividends to NELFUND

President Bola Tinubu has directed that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) as part of efforts to strengthen the long-term financing of Nigeria’s student loan programme.

The President also approved the transfer of unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.

Minister of Education, Dr Tunji Alausa, disclosed the decisions on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by Tinubu at the Presidential Villa in Abuja.

The meeting was the Council’s first sitting since June 29.

Alausa said the President had directed the transfer of EFCC recoveries to NELFUND to enable the Fund to meet its growing financial obligations.

“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.

He clarified, however, that the directive applies specifically to liquid cash recoveries and does not include seized properties or other non-cash assets.

“Not seized properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFUND,” Alausa said.

The minister further explained that the government would not transfer money that remains subject to legal disputes. Only funds that have been cleared, are unencumbered and are legally available for use will qualify.

“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 directive could provide a significant additional funding stream for NELFUND, which has experienced increasing demand since the Federal Government introduced its student loan programme.

The EFCC has recovered substantial sums from financial crimes over the years. The agency reported recovering more than N566 billion and $411 million in monetary assets between October 2023 and September 2025, in addition to other foreign currencies and non-monetary assets.

However, the entire recovery figure will not automatically be transferred to NELFUND because the President’s directive is limited to eligible liquid and legally cleared funds.

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The government is also targeting Nigeria’s growing pool of unclaimed dividends, currently estimated at approximately N242 billion.

Unclaimed dividends have accumulated over the years due to factors including outdated shareholder information, unresolved estate matters involving deceased investors and difficulties linking some shareholder records with bank accounts.

Alausa said Tinubu had directed Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), to work with the Ministries of Finance and Education and the Debt Management Office (DMO) to establish the legal framework for moving the unclaimed funds to NELFUND.

The officials are expected to review the laws governing the relevant trust funds and determine how the transfer can be carried out without violating existing legal provisions.

The proposed transfer does not mean legitimate owners of unclaimed dividends will lose their rights. Eligible shareholders can still make claims through the procedures established by the relevant regulatory authorities.

The move comes as NELFUND continues to expand its support for students in Nigerian public tertiary institutions.

Alausa said more than 1.2 million Nigerian students were already benefiting from the Fund, while NELFUND had disbursed more than N93 billion in student stipends and over N250 billion in institutional fees to public institutions across the country.

The latest figures published on NELFUND’s platform indicate that the programme has continued to grow, with more than 1.39 million students registered and more than 1.69 million loan applications recorded.

The student loan scheme is intended to reduce financial barriers to higher education by providing eligible students with access to funding for institutional charges and upkeep.

Beyond student financing, the Federal Executive Council approved an Entrepreneurship, Innovation and Business Incubation Certification Programme for 14 federal universities.

The initiative is designed to equip students with practical skills in entrepreneurship, innovation, business incubation and enterprise development, while providing digital certification, mentorship and incubation support.

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The 14 universities selected for the initial phase 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.

According to Alausa, the programme had previously been tested at the University of Lagos, where it was found to improve students’ capacity to develop businesses, innovate and create employment.

The Council also approved additional funding for the completion of the long-delayed National Library of Nigeria headquarters complex in Abuja.

The National Library project was initiated in April 2006 with an original two-year completion timeline, but construction stalled in October 2008.

Alausa said Tinubu had directed the government to find funding to revive the project, including support from TETFund.

He also disclosed that First Lady Senator Oluremi Tinubu had directed that gifts received for her last birthday be channelled towards the National Library project, helping to raise about N25 billion.

The total augmentation approved for the project is approximately N155 billion, comprising about N118.309 billion for construction works and roughly N37 billion for furnishing.

The minister said the government expected construction work to resume within the next few months.

The Council also 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.

The academy was originally established to identify and nurture gifted Nigerian children but had subsequently operated largely as a conventional federal government college.

Under the new arrangement, the academy will have multiple funding sources, including government appropriations, endowments and donations.

Alausa said the objective was to identify exceptionally talented children across Nigeria and provide them with the specialised education and support needed to develop their abilities.

The Attorney-General has been directed to prepare an executive bill for transmission to the National Assembly to establish the necessary legal framework for the academy.

The decisions announced after Wednesday’s FEC meeting reflect the Federal Government’s broader focus on higher education financing, student loans, entrepreneurship, infrastructure and specialised education.

For NELFUND, the proposed access to eligible EFCC cash recoveries and unclaimed funds could significantly broaden its financing base and provide additional resources to support students as demand for the loan programme continues to rise.

The government will now have to work out the legal and administrative mechanisms for the transfers while ensuring that funds under litigation are excluded and the rights of legitimate beneficiaries of unclaimed dividends remain protected.

Tinubu orders transfer of EFCC cash recoveries, N242bn unclaimed dividends to NELFUND

Tinubu appoints Enitan as Head of Civil Service

President Bola Ahmed Tinubu has appointed the Permanent Secretary in the Federal Ministry of Education, Abel Olumuyiwa Enitan, as the new Head of the Civil Service of the Federation.

Enitan, who is the most senior Permanent Secretary in the Federal Civil Service, will assume office on August 27, 2026, following the retirement of the incumbent Head of Service, Mrs Didi Esther Walson-Jack.

The appointment was announced in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Wednesday.

A native of Osun State, Enitan has spent more than seven years as a Permanent Secretary, serving in the Ministry of Police Affairs, Ministry of Humanitarian Affairs and the Office of the Vice President before his current posting to the Federal Ministry of Education.

With seven years and seven months of experience at the Permanent Secretary level, Enitan is expected to bring extensive institutional knowledge and experience to the leadership of the Federal Civil Service.

Onanuga said President Tinubu appreciated Walson-Jack for her “distinguished service” to the nation, particularly her contributions to reforms, innovations and improved performance within the Civil Service during her tenure.

The President wished the outgoing Head of Service a fulfilling post-retirement life and expressed the nation’s gratitude for her years of dedicated public service.

Tinubu charged Enitan to sustain and build on the reforms and innovations already introduced in the Civil Service, while deepening professionalism, efficiency and responsiveness across the system.

The President also urged the incoming Head of Service to promote a Civil Service that is merit-driven, accountable, innovative and capable of responding effectively to the needs and aspirations of Nigerians.

The administration said the appointment was part of efforts to strengthen the Federal Civil Service and improve its capacity to deliver on the Renewed Hope Agenda.

FCCPC probes cement price manipulation as Nigerians pay more than African peers

The Federal Competition and Consumer Protection Commission (FCCPC) has launched a deeper investigation into the Nigerian cement industry following preliminary findings that the rising price of cement may not be fully explained by legitimate production and market costs.

The commission said its three-month inquiry raised concerns about possible manipulation of cement prices after receiving widespread complaints over the soaring cost of the building material despite Nigeria’s substantial limestone deposits and large installed production capacity.

The investigation was carried out by the FCCPC’s Anticompetitive Practices Department (ACP) and included a cross-border comparison of Nigeria’s cement market with those of Kenya, Tanzania, South Africa, Egypt, Morocco, Algeria and Togo.

The study examined factors including limestone availability, population, production capacity, domestic consumption and retail prices to determine whether prevailing prices in Nigeria were consistent with market conditions.

According to the commission, the findings showed a notable disparity between cement prices in Nigeria and those in some other African markets.

A 50kg bag of cement that sold for between ₦9,300 and ₦9,700 in January 2026 rose to between ₦10,500 and ₦13,000 by the middle of the year. By July, prices of between ₦13,000 and ₦15,000 were reported in some parts of the country.

The FCCPC said its comparison found that a 50kg bag sold for about $5.40, equivalent to ₦7,344, in Kenya, while the same quantity was around $4.80, or ₦6,528, in Tanzania.

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In Togo, where the commission noted the absence of significant limestone deposits, a 50kg bag sold for approximately $6.75, equivalent to ₦9,180.

The price disparity has prompted the regulator to question why Nigeria’s substantial natural-resource base and production capacity have not resulted in stronger downward pressure on domestic prices.

The FCCPC estimates that Nigeria has installed cement production capacity of between 60 million and 65 million metric tonnes annually, compared with domestic consumption of approximately 25 million to 30 million metric tonnes.

The commission also noted that Nigeria is a net exporter of cement and clinker, making the continued high domestic prices a key issue in its investigation.

However, the FCCPC stressed that it has not concluded that any cement manufacturer has violated competition laws. The preliminary findings, it said, only provide sufficient grounds for further investigation.

The commission is examining whether prevailing prices can be justified by legitimate costs or whether there is evidence of coordinated conduct, abuse of market power, restriction of domestic supply or anti-competitive distribution practices.

Cement producers and other industry participants have cited several factors behind the higher prices, including energy costs, naira depreciation, imported machinery and spare parts, transportation and logistics expenses.

The FCCPC said it was testing those explanations against verified information on production costs, pricing, capacity utilisation, exports and broader market conditions.

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As part of the investigation, the commission has issued Notices of Commencement of Investigation and Summons to Produce to key industry participants.

The companies are expected to provide information covering their pricing methodologies, production levels, capacity utilisation, exports and commercial relationships.

FCCPC Executive Vice Chairman and Chief Executive Officer Tunji Bello said the investigation was necessary because cement plays a strategic role in the Nigerian economy.

According to Bello, the cost of cement directly affects housing, commercial property development, public infrastructure and the wider cost of doing business.

The probe also comes amid repeated calls from the Federal Government for cement manufacturers to reduce prices.

In June 2026, Minister of Works David Umahi urged cement producers to reduce prices, arguing that the high cost of the material was increasing the cost of government infrastructure projects and contributing to demands for contract variations.

The government had previously reached an understanding with major cement producers, including Dangote Cement, BUA Cement and HBM Nigeria, that cement should generally sell within the ₦7,000 to ₦8,000 range per 50kg bag, depending on location.

Despite those discussions, retail prices have remained considerably higher in several parts of Nigeria.

Industry financial results also show that major cement producers have continued to record strong revenues amid sustained construction demand and higher prices. The development, however, does not by itself establish that any company has engaged in anti-competitive conduct.

The FCCPC must now determine whether the high cost of cement in Nigeria is primarily the result of legitimate economic pressures or whether unlawful practices are contributing to the price disparity.

The outcome of the investigation could have significant implications for consumers, builders, contractors, property developers and the construction industry, particularly as high building-material costs continue to affect housing affordability and infrastructure development.

For now, the commission has emphasised that its findings remain preliminary and that the investigation is ongoing. Any regulatory or enforcement action will depend on the evidence gathered during the process.

FCCPC probes cement price manipulation as Nigerians pay more than African peers