Jim Ovia, founder of Zenith Bank Plc and Chairman of the Nigeria Education Loan Fund (NELFUND) Board, has praised President Bola Tinubu for creating the student loan scheme, saying it has helped thousands of Nigerian undergraduates gain access to higher education.
In an exclusive interview with Channels Television, Ovia described NELFUND as a major initiative that is widening access to tertiary education for students who may not have been able to attend university.
He said the programme has achieved strong results since it began and continues to support students and institutions across the country.
“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,” he said.
Ovia said many universities are already benefiting from the scheme.
“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 added.
He also dismissed claims that the education loan programme is being misused, insisting it is helping students with limited financial resources.
“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. And also, they are being encouraged to have some stipend to pay their school fees. So, it’s not being abused; it’s being encouraged,” Ovia said.
He urged beneficiaries to make good use of the Federal Government’s support, saying completing their education would improve their chances of getting jobs.
“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,” he said.
As of July 4, 2026, NELFUND said it had disbursed ₦303.9 billion in loans to 1,635,676 beneficiaries from 1,800,489 applications. On July 9, it also announced the release of ₦1.5 billion to 6,129 students across three institutions for the 2025/2026 academic session.
