Jim Ovia, founder of Zenith Bank and chairman of the Nigeria Education Loan Fund (NELFUND), says the scheme is expanding access to university education across the country.
Ovia spoke in an interview aired on Channels Television on
Sunday, where he reflected on some of his achievements in the banking and
education sectors.
He said NELFUND is addressing critical educational
challenges in the country, particularly access to tertiary education.
“Yes, NELFUND definitely is addressing (access to
education), and we are glad that Bola Tinubu has introduced that by setting up
NELFUND, and it’s a very encouraging initiative,” he said.
“I’ve been the chairperson of that for the past five years,
and it’s very successful today. So many universities have already been
benefiting from that.”
The renowned banker dismissed insinuations that students are
abusing the scheme because of its accessibility.
“No, it’s not being abused at all because without the
Nigeria Education Loan Fund, many students wouldn’t have gone to university at
all.
“And also, they are being encouraged to have some stipend to
pay their school fees and emoluments. So, it’s not being abused; it’s being
encouraged,” he said.
“Without NELFUND, they wouldn’t have gone to the university
at all. So, they should be encouraged to take the opportunity to go to
university and graduate, and they will get jobs.”
NELFUND was established in 2024 after President Bola Tinubu
signed the Student Loans (Access to Higher Education) Act into law to provide
interest-free loans to eligible students in tertiary institutions.
On July 4, 2026, the fund said it had disbursed loans worth
over N303 billion to 1,635,676 beneficiaries from a total of 1,800,489
applications.
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