Nigeria’s President Bola Tinubu on Friday, appointed Jim Ovia as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).
The appointment aligns with a law signed on April 3, 2024, giving the President the authority to appoint the Board and Management.
Jim Ovia, a prominent banker and businessman, is known for his contributions to empowering young Nigerians. He will lead a board comprising members from various ministries, regulatory bodies, and agencies involved in education and finance.
The Board’s responsibilities include coordinating the Fund’s activities and managing a management team headed by a Managing Director and Executive Directors.
The Fund’s structure includes the General Reserve Fund (GRF), funded by taxes and duties, to provide loans for tuition and other educational expenses.
NELFUND was established to oversee student loans in Nigeria, ensuring access to higher education and vocational training for qualified Nigerians.
Jim Ovia’s appointment is seen as a step towards achieving these goals and fostering the development of Nigeria’s youth.
What you should know about the National Student Loan Programme
The National Student Loan Programme, a key initiative, seeks to provide sustainable access to higher education and skill development for Nigerian students and youths.
The programme was initiated during President Tinubu’s administration, and offers 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.
The fund is designed to assist Nigerians in financing their higher education, with repayment starting two years after completing their compulsory National Youth Service Corps (NYSC).
