President Bola Tinubu has appointed Jim Ovia, CFR, as Chairman of the Nigerian Education Loan Fund (NELFUND).
This was made known in a statement by presidential spokesperson Ajuri Ngelale on Friday, News About Nigeria reports.
Mr. Ovia, founder of one of Nigeria’s leading banks, is a respected business leader with a strong track record of empowering young Nigerians.
He holds an MBA from the University of Louisiana and is an alumnus of Harvard Business School.
The National Student Loan Programme aims to ensure sustainable higher education and skill development for all Nigerian students and youths.
According to the statement, the Nigerian Education Loan Fund, which is responsible for implementing this programme, requires exceptional leadership and expertise.
President Tinubu believes Mr. Ovia’s wealth of experience and professional stature make him the ideal candidate to lead NELFUND and drive the vision of ensuring access to higher education and skills for all Nigerian youths, regardless of background, as Ajuri added in the statement.
Recall that the president, on Wednesday, April 3, 2024, signed the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024, into law.
The new Act repeals the Student Loan Act, of 2023, signed previously by the President.
The Act had faced challenges related to governance, management, loan purpose, eligibility criteria, application processes, repayment provisions, and loan recovery.
A key provision of the new Student Loans Act is the establishment of the Nigeria Education Loan Fund (NELFUND) as a legal entity with the power to sue and be sued in its name; acquire, hold, and dispose of movable and immovable property; enter contracts, including loan agreements, initiate legal action to ensure repayment by beneficiaries.
