Founder of Zenith Bank Plc, Jim Ovia, has commended President Bola Tinubu for setting up the Nigeria Education Loan Fund (NELFUND), saying that many Nigerian undergraduates would not have had access to university education without it.

Ovia, who is the chairperson of the NELFUND Board, explained that the government initiative is providing vital educational access to thousands of young Nigerians.

He also allayed concerns that the initiative is being abused.

“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,” the businessman said in a recent exclusive interview with Channels Television.

“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.

“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 advised Nigerian students to make good use of 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,” he added.

As of July 4, 2026, NELFUND said it had disbursed a total loan of ₦303,908,451,780.25, with 1,635,676 beneficiaries from 1,800,489 applications.

On July 9, 2026, NELFUND said on its verified X handle that it distributed a total of ₦1.5 billion to 6,129 students across three institutions in the country for the 2025/2026 academic session. (Channels)

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