President Bola Tinubu has appointed renowned banker Mr. Jim Ovia, as the Chairman of the Nigerian Education Loan Fund (NELFUND) Board. The appointment was announced yesterday by Ajuri Ngelale, the President’s Special Adviser on Media and Publicity.
Ovia is the founder of one of Nigeria’s leading banks – Zenith Bank Plc. He was its Chief Executive from 1990 until he slid into the role of Chairman in 2010.
The 72-year old billionaire is from the family of Obi Olihe of Agbor-Obi, in Delta State. He earned a BSc. in Business Administration from Southern University, Baton Rouge, Louisiana in 1977. In 1979, he got his MBA from the University of Louisiana, Monroe. He is also an alumnus of Harvard Business School.
His appointment is perceived as a strategic step to enhance the credibility of the new Fund. This year, about N194 billion is expected to accrue to the Fund based on budget estimates.
The president says he hopes Mr Ovia ”will bring his immense wealth of experience and professional stature” into the new assignment. He wants the new Fund to ensure “no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds”.
NELFUND was initially set up under the Access to Higher Education Act 2023 but later replaced. It’s now the Access to Higher Education (Repeal and Re-Enactment) Act 2024. The president signed it into law on April 3, 2024.
On April 5, he constituted the Management Board for the Fund with Mr.Akintunde Sawyerr as its inaugural Chief Executive Officer (CEO).
NELFUND goal is to end the crisis of funding higher education in Nigeria, which has often pit the academia against the government. It should alleviate frustration experienced by poor Nigerians eager to acquire tertiary education and other skills.
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