In a step aimed towards broadening access to higher education and nurturing skill development among Nigerian students and youths, President Bola Tinubu has appointed Mr. Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).
This appointment underscores the government’s dedication to leveraging expertise and experience in fostering entrepreneurship and educational empowerment.
Mr. Ovia, renowned as the founder of Zenith Bank, brings to his new role a profound understanding of finance, entrepreneurship, and youth development. His alma maters include prestigious institutions such as Harvard Business School and the University of Louisiana, where he acquired a master’s in business administration, highlighting his readiness to steer NELFUND towards its objectives effectively.
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President Tinubu expressed unwavering confidence in Mr. Ovia’s capacity to lead NELFUND towards achieving its mission of providing equitable access to higher education.
“Education is the bedrock of any prosperous society. With Mr. Ovia at the helm, we are reaffirming our commitment to ensuring that no Nigerian student faces barriers to pursuing higher education due to financial constraints,” Tinubu remarked.
The National Student Loan Programme, a flagship initiative introduced during President Tinubu’s administration, aims at ensuring sustainable access to higher education and skill development for Nigerian students and youth.
Enacted as the “Access to Higher Education Act, 2023,” this groundbreaking legislation established the Education Loan Fund to offer interest-free education loans to Nigerian tertiary education seekers. The repayment period commences two years after the completion of the National Youth Service Corps (NYSC) program.
Under the stewardship of Mr. Ovia, NELFUND seeks to provide financial assistance in the form of loans to economically disadvantaged Nigerian students, empowering them to pursue their academic aspirations without financial hindrances.
This appointment aligns with President Tinubu’s broader commitment to enhancing access to higher education and fostering critical skill development among Nigerian youths.
The NELFUND emerges as a beacon of hope in the education sector, often marred by financial barriers. The idea, conceived by President Bola Tinubu’s administration, is said to be rooted in the urgent need to address the systemic challenges hindering the educational aspirations of Nigerian youths.
Also, Tinubu’s vision for NELFUND aligns with broader national goals of empowering Nigerian youths with the tools and resources needed to excel on a global scale. With Mr. Ovia at the helm, the Nigerian Education Loan Fund is expected to play a pivotal role in shaping the future of higher education in Nigeria, ensuring that no student faces barriers to pursuing their academic aspirations due to financial constraints.
The Fund is targeting at least 1.2 million beneficiaries in its first disbursement of the student loan, according to Akintunde Sawyerr, managing director of NELFUND.
Addressing concerns about fraud and misuse of the loans, Sawyer also disclosed that the Unified Tertiary Matriculation Examination (UTME) registration number; national identification number (NIN), and bank verification number, (BVN) were major requirements for accessing student loans.
He said disbursement would be in two segments: “The school fee will be paid to the institution on behalf of the student and the stipend directly to the student’s account.”
However, many have criticized the federal government over the amount allocated for the loan scheme, noting that it belies the claim that the government is giving education priority. Acknowledging this, Sawyerr said, the N50 billion was one percent of the revenue generated by the Federal Inland Revenue Service (FIRS) annually.