President Bola Tinubu approved the appointment of Jim Ovia as Chairman of the Board of the Nigerian Education Loan Fund on Friday. Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced the decision in a statement.
Jim Ovia is the founder of Zenith Bank and a respected businessman. Ngelale stated that Ovia brings extensive experience in nurturing young Nigerians. He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.
The statement explained that the National Student Loan Programme seeks to guarantee sustainable higher education and skill development for Nigerian students and youths. Ngelale added that the Nigerian Education Loan Fund demands excellence from professionals of the highest calibre.
“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,” the statement read.
It further noted the goal of ensuring Nigerian youths gain access to higher education and skills for productive contributions to the knowledge-based global economy.
Meanwhile, Akintunde Sawyerr serves as Managing Director and Chief Executive Officer of NELFUND. He has overseen the fund’s operations since its establishment.
Jim Ovia later spoke in an exclusive interview with Channels Television. He commended President Bola Tinubu for establishing the scheme. “Yes, NELFUND definitely is addressing access to education, and we are glad that Bola Tinubu has introduced that by setting up NELFUND,” Ovia said.
He added that he has chaired the board for the past years and described the initiative as successful. Many universities have already benefited, according to him. Ovia addressed concerns about abuse of the programme.
“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 stated. He noted that students also receive stipends to support school fees.
As of July 4, 2026, NELFUND reported disbursing a total of ₦303,908,451,780.25 to 1,635,676 beneficiaries from 1,800,489 applications. The fund continues to expand access under the Renewed Hope Agenda.
