Founder of Zenith Bank Plc, Jim Ovia, has praised the establishment of the Nigeria Education Loan Fund (NELFUND), saying the initiative has given thousands of Nigerian students a chance to pursue higher education.
Ovia, who serves as chairman of the NELFUND board, said the programme has become a major support system for students who may otherwise have been unable to afford university education.
He credited President Bola Tinubu for introducing the scheme, describing it as an encouraging step towards expanding access to education.
“Yes, NELFUND definitely is addressing (access to education), and we are glad that Bola Tinubu has introduced that by setting up NELFUND, Nigeria Education Loan Fund and it’s a very encouraging initiative,” Ovia said.
The former banker dismissed concerns that the education loan programme could be misused, insisting that its impact has been positive.
“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,” he said.
According to Ovia, the scheme is not being exploited but is instead helping students overcome financial barriers.
“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,” he added.
He encouraged beneficiaries to take advantage of the opportunity, complete their studies and build successful careers.
“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,” Ovia advised.
NELFUND reported that as of July 4, 2026, it had approved and disbursed N303.9 billion in student loans to more than 1.6 million beneficiaries from over 1.8 million applications.
The fund also announced that N1.5 billion was distributed to 6,129 students across three institutions for the 2025/2026 academic session.
With increasing demand for financial support among Nigerian students, NELFUND continues to position itself as a key government intervention aimed at reducing the financial barriers preventing young people from accessing higher education.
