Renowned banker and businessman Jim Ovia, who founded Zenith Bank, has been appointed by President Bola Tinubu as the new Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).
The announcement which was made via a statement on Friday by Presidential spokesman Ajuri Ngelale follows the amendment of the student loan bill on April 3, 2024.
According to the president, Jim Ovia was appointed to leverage his wide wealth of experience and professional strength in advancing the vision of ensuring that no Nigerian student is denied the pursuit of higher education due to lack of funds.
He will lead the Executive Directors who are responsible for day-to-day management and operations of the Fund, and will oversee members from various governmental bodies, including the Federal Ministries of Finance and Education, the FIRS, NIMC, NUC, NBTE, and NCCE, and educational institutions.
The mechanism of the fund involves the establishing a General Reserve Fund (GRF), into which 1% of all taxes, levies, and duties collected by the Federal Inland Revenue Service and accruing to the benefit of the Federal Government of Nigeria will be paid. The reserve will then be utilized for providing loans to qualified applicants for tuition, fees, charges, and upkeep, as well as covering the fund’s operational expenses and other necessary expenditures NELFUND’s function.
