President Bola Tinubu has announced the appointment of Mr. Jim Ovia, CFR as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND) in a move aimed at bolstering access to higher education and skill development for Nigerian students and youths.
Mr. Ovia, the founder of one of Nigeria’s leading banks, Zenith Bank, brings a wealth of experience and a track record of commitment to youth empowerment to his new role, with efforts in nurturing young talent and fostering entrepreneurship.
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The appointment
The 72-year-old banker and entrepreneur is an alumnus of Harvard Business School and holder of a master’s in business administration from the University of Louisiana. His credentials highlight his readiness to steer NELFUND towards its objectives effectively.
- President Tinubu expressed confidence in Mr. Ovia’s ability to lead NELFUND towards achieving its mission.
- He emphasized the importance of ensuring that no Nigerian student faces barriers to pursuing higher education due to financial constraints and emphasised the role of education in fostering a knowledge-based economy and nurturing productive members of society.
What you should know
The National Student Loan Programme, a flagship initiative, aims at ensuring sustainable access to higher education and skill development for Nigerian students and youth.
- Initiated during President Tinubu’s administration, the student loan program aims to offer interest-free education loans to Nigerian tertiary education seekers.
- Enacted as the “Access to Higher Education Act, 2023,” or the Students Loan Act, this initiative established an Education Loan Fund.
- This fund is designed to aid Nigerians in financing their higher education, with repayment beginning two years after completing their National Youth Service Corps (NYSC) participation.
Recently, President Bola Tinubu appointed the management team for the Nigerian Education Loan Fund (NELFUND), signaling a commitment to enhancing access to higher education and fostering critical skill development among Nigerian students.
The newly appointed NELFUND chairman, Mr. Ovia, will oversee the management team, which is tasked with supervising the fund’s operations. NELFUND aims to provide financial assistance in the form of loans to economically disadvantaged Nigerian students, enabling them to cover tuition fees at any tertiary institution in Nigeria.
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