President Bola Tinubu has appointed renowned banker and businessman, Mr. Jim Ovia, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).

This was contained in a statement issued on Friday by Special Adviser to the President on Media and Publicity, Ajuri Ngelale

Ovia, founder of one of Nigeria’s leading banks, is a respected business leader with a proven track record of efforts and benefaction towards nurturing and empowering young Nigerians.

His appointment is seen as a strategic move to bring his immense wealth of experience and professional stature to the role, and advance the vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education due to a lack of funds.

“President Bola Tinubu has 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).

“Mr. Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.

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“The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

“The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature 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 a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century”, the statement said.

NELFUND was originally established by the Access to Higher Education Act 2023, which was replaced by the Access to Higher Education Act (Repeal and Re-Enactment) Act 2024, signed into law by President Tinubu on April 3, 2024.

Also, President Tinubu constituted a Management Board for the Fund on April 5, with Mr Akintunde Sawyerr as its pioneer Managing Director and Chief Executive Officer (CEO).

NELFUND is also aimed at reducing frustration and idleness among young Nigerians by providing them with opportunities for education and skill development.