- President Bola Tinubu appointed Jim Ovia as the Chairman of the Nigerian Education Loan Fund.
- The Nigerian Education Loan Fund aims to support sustainable education for Nigerian students.
- Jim Ovia is recognized for his contributions to nurturing and empowering young Nigerians.
- Ovia is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.
- The President believes Ovia’s experience and stature will advance the fund’s vision.
Newsypeople – Tinubu Names Jim Ovia Chairman of Nigerian Education Loan Fund, The President has made a significant appointment by naming Jim Ovia as the chairman of the Nigerian Education Loan Fund (NELFUND). This decision was announced by Ajuri Ngelale, the presidential spokesperson, highlighting Ovia’s new role in the education sector of Nigeria. Ovia, who is also the chairman of Zenith Bank, brings a wealth of experience and expertise to the position, which is crucial for the development and implementation of educational initiatives and programs in Nigeria.
The Nigerian Education Loan Fund (NELFUND) plays a pivotal role in the country’s education sector, providing loans to students for their educational needs. The fund aims to support the education of Nigerian students, particularly those from low-income families, by offering them access to quality education. With Ovia at the helm, the fund is expected to continue its mission of promoting education and improving the quality of life for Nigerian students.
BREAKING: Tinubu Offers Fresh Appointment To Jim Oviahttps://t.co/u7qNGqQJ1a
— Daily Trust (@daily_trust) April 26, 2024
Ovia’s appointment as chairman of NELFUND is a testament to his commitment to education and his desire to contribute to the development of the Nigerian education system. His experience in the banking sector, particularly at Zenith Bank, has equipped him with the necessary skills and knowledge to lead and manage the fund effectively. His leadership is expected to drive the fund’s objectives forward, ensuring that more Nigerian students have access to quality education.
This appointment is part of a broader effort by the Tinubu administration to improve the education sector in Nigeria. By appointing individuals with a strong track record and a passion for education, the administration aims to enhance the quality of education in the country and ensure that all Nigerian students have the opportunity to succeed.
The appointment of Jim Ovia as the chairman of the Nigerian Education Loan Fund marks a significant step forward in the administration’s efforts to improve the education sector in Nigeria. With his leadership, NELFUND is poised to continue its mission of supporting the education of Nigerian students, particularly those from low-income families. This move is a testament to the Tinubu administration’s commitment to education and its desire to ensure that all Nigerian students have access to quality education.
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Who Is Jim Ovia? New Chairman of Nigerian Education Loan Fund
Jim Ovia, born on November 4, 1951, in Agbor, Delta State, Nigeria, is a renowned Nigerian businessman, author, and philanthropist. He is widely recognized for his significant contributions to the Nigerian economy and his leadership in the banking sector. Ovia’s journey from humble beginnings to becoming one of the most influential figures in Nigeria’s business landscape is a testament to his determination, integrity, and vision.
Ovia’s early life was marked by challenges, including the loss of his father at a young age and the support of his older siblings in his education. He moved to Lagos to live with an elder brother and began his career as a clerk in a bank. This early experience in the banking sector laid the foundation for his future entrepreneurial endeavors. Ovia’s academic journey took him to the United States, where he earned a B.Sc. degree in Business Administration from Southern University, Baton Rouge, Louisiana, in 1977, and an MBA from the University of Louisiana, Monroe, in 1979. He is also an alumnus of Harvard Business School, where he completed the OPM program in 2004.
Ovia’s entrepreneurial journey began with the establishment of Zenith Bank in June 1990. Under his leadership, Zenith Bank grew from a small bank with $4 million in shareholders’ funds to one of Africa’s largest banks, with more than $16 billion in assets. This remarkable growth story has earned him the title of the “Godfather of Banking” by Forbes Africa.
Beyond his business achievements, Ovia is celebrated for his philanthropic efforts. He is the founder and chairman of James Hope College, a co-educational boarding school in Agbor, Delta State, Nigeria. The Jim Ovia Foundation, established by him, has sponsored over 1,000 individuals, many of whom are now graduates in various disciplines. The foundation also provides scholarships to about fifty percent of the students at James Hope College.
Ovia’s contributions to the Nigerian economy and society have been recognized with numerous awards and honors. He was conferred with the national awards of Member of the Federal Republic (MFR, 2000) and Commander of the Order of Niger (CON, 2011). He has also received the AAI 2017 Business Leadership Award by The Africa-America Institute, New York, and honorary degrees from the University of Nigeria, Nsukka, and Lagos State University.
In addition to his business and philanthropic endeavors, Ovia is an active writer and motivational speaker. He has been interviewed by global networks such as CNN, CNBC, Bloomberg, and ARISE TV, sharing his insights and experiences with a wide audience.
Ovia’s story is a powerful example of how determination, education, and a vision for the future can lead to remarkable success. His leadership in Zenith Bank and his commitment to education and philanthropy have left a lasting impact on Nigeria and beyond.
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What Is The Nigerian Education Loan Fund
The key points about the Nigerian Education Loan Fund (NELFUND) are:
- NELFUND is the official government body that handles student loans in Nigeria.
- It was established by the Students Loans (Access to Higher Education) Act of 2023, signed into law by President Bola Tinubu.
- The purpose of NELFUND is to provide interest-free loans to economically disadvantaged Nigerian students to cover tuition fees at any tertiary institution in the country.
- NELFUND is managed by the Central Bank of Nigeria and the loans are disbursed through commercial banks (Deposit Money Banks).
- Funding for NELFUND comes from sources like education bonds, endowment funds, a percentage of taxes/duties, and oil/mineral profits, as well as donations and grants.
- To qualify for a NELFUND loan, applicants must be admitted to a public university, polytechnic, college of education or vocational school, and their annual family income must not exceed NGN500,000 (around $1,200).
- President Tinubu has appointed a management team to lead NELFUND, including a Managing Director, Executive Director of Finance and Administration, and Executive Director of Operations.
- The goal of NELFUND is to improve access to higher education and skill development for financially disadvantaged Nigerian students.
