Jim Ovia Defends Tinubu Education Loan Scheme

(Founder of Zenith Bank Plc, Jim Ovia. Photo Credit: News Express)

Jim Ovia, the founder of Zenith Bank, has praised President Bola Tinubu for creating the Nigeria Education Loan Fund, stating that without it, many Nigerian undergraduates would not have been able to attend college.

Ovia, the chair of the NELFUND Board, tried to allay worries that the program is being misused while simultaneously explaining that the government initiative is giving thousands of young Nigerians essential access to school.

Speaking in a recent interview on a television programme, the businessman described the initiative as encouraging, noting that it addresses the challenge of access to education.

He said he had served as chairperson of the board for the past five years and that the scheme had proven very successful, with many universities already benefiting from it.

He dismissed suggestions that the fund is being misused, stressing that without it, many students would not have been able to attend university at all, adding that beneficiaries are also being supported with stipends to help pay their school fees, which he said reflects encouragement rather than abuse.

Ovia further advised Nigerian students to make good use of the opportunity provided by the Federal Government, noting that without NELFUND, many of them would not have had the chance to attend university, and urged them to take advantage of the scheme to graduate and secure employment.

As of 4 July 2026, NELFUND disclosed that it had disbursed a total of ₦303,908,451,780.25 in loans, benefiting 1,635,676 applicants out of 1,800,489 total applications.

On 9 July 2026, the fund also announced on social media that it had distributed a total of ₦1.5 billion to 6,129 students across three institutions in the country for the 2025/2026 academic session.