Jim Ovia says NELFUND boosting access to university education, dismisses abuse claims

Jim Ovia, founder of Zenith Bank and chairman of the Nigeria Education Loan Fund (NELFUND), has said the student loan scheme is helping to expand access to tertiary education across Nigeria and is not being misused by beneficiaries.

Speaking during an interview on Channels Television on Sunday, Ovia reflected on his contributions to the banking and education sectors, describing NELFUND as a key initiative addressing barriers to higher education.

He credited President Bola Tinubu for establishing the scheme, saying it has created opportunities for many students who might otherwise have been unable to attend university.

According to him, universities across the country are already benefiting from the programme, which he described as a successful intervention.

Responding to concerns that the scheme could be abused because of its accessibility, Ovia dismissed the claims, insisting that the fund is fulfilling its intended purpose.

He said many students would have been unable to pursue university education without NELFUND, adding that the financial support, including stipends for school-related expenses, enables beneficiaries to remain in school and complete their studies.

Ovia encouraged eligible students to take advantage of the opportunity, expressing confidence that graduates would be better positioned to secure employment after completing their education.

NELFUND was established in 2024 following President Bola Tinubu’s signing of the Student Loans (Access to Higher Education) Act into law. The initiative provides interest-free loans to eligible students in Nigerian tertiary institutions.

According to figures released by the agency on July 4, 2026, it had disbursed more than ₦303 billion in loans to 1,635,676 beneficiaries out of 1,800,489 applications.