Founder of Zenith Bank Plc and Chairman of the Board of the Nigerian Education Loan Fund (NELFUND), Jim Ovia, has stated that many Nigerian undergraduates would not have gained access to university education without the Fund.
Speaking in a recent exclusive interview with Channels Television, Ovia commended President Bola Ahmed Tinubu for establishing NELFUND, describing it as a vital and encouraging initiative that is expanding access to tertiary education 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,” Ovia said. “I’ve been the chairperson of that… and it’s very successful today. So many universities have already been benefiting from that.”
Ovia firmly dismissed concerns that the scheme is being abused. “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.”
He urged Nigerian students to maximise the opportunity provided by the Federal Government. “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.”
NELFUND was established following the signing of the Student Loans (Access to Higher Education) Act into law by President Tinubu in 2024. The Fund provides interest-free loans to eligible students in public tertiary institutions to cover institutional fees and upkeep allowances.
As of early July 2026, NELFUND had disbursed approximately ₦303.91 billion to more than 1.64 million student beneficiaries from over 1.8 million applications, partnering with more than 350 tertiary institutions nationwide.
Ovia’s comments underscore the Fund’s role in removing financial barriers that previously forced many talented young Nigerians to abandon or delay their higher education ambitions.