Tinubu appoints Ovia board chairman Education Loan Fund
President Bola Tinubu on Friday approved the appointment of Mr. Jim Ovia, CFR, renowned banker and businessman, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).
The appointment is in line with the extant law signed on April 3, 2024, which empowers the President of the Federal Republic of Nigeria appoints the Board and Management.
The Board whose members are drawn from the various ministries, regulatory bodies, and participating agencies, will coordinate the activities of a management team led by a Managing Director as well as Executive Directors who are responsible for the day-to- day management and operations of the Fund.
Mr. Ovia is the founder of Zenith bank, one of Nigeria’s leading commercial banks and a respected business leader and author who is interested in nurturing and empowering young Nigerians.
The National Student Loan is an interventionist programme that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The law establishing the Nigeria Education Loan Fund (NELFUND among other functions, empowers the Fund to Provide loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary education institutions and vocational and skills acquisition institutions in Nigeria.
The Fund is also empowered to build, operate, and maintain a diversified pool of funds to provide loans to qualified applicants and ensure access to higher education, vocational training, and skills acquisition
“About 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries,” Akintunde Sawyerr, managing director of NELFUND, said during an interactive session with journalists in Lagos recently.
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.
According to him, the money to fund the loan scheme was one percent of the revenue generated by the Federal Inland Revenue Service (FIRS) annually.
The President believes Mr. Ovia will bring his immense wealth of experience and professional insight to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over lack of funds and ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society.
