President holds closed-door meeting with NELFUND Chairman Jim Ovia and Managing Director Akintunde Sawyerr as the student loan scheme surpasses ₦303 billion in disbursements

President Bola Tinubu on Tuesday held a closed-door meeting with Zenith Bank founder and Chairman of the Nigerian Education Loan Fund (NELFUND), Jim Ovia, and NELFUND Managing Director and Chief Executive Officer, Dr Akintunde Sawyerr, at the State House in Abuja, in a development that has drawn attention to the Federal Government’s expanding student loan programme.

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The meeting took place at the Presidential Villa, where Ovia, dressed in a black suit with a red tie, arrived alongside Sawyerr at about 5:15 p.m.

The Presidency did not immediately disclose the purpose of the meeting, leaving its agenda undisclosed as of the time of filing this report.

The visit comes as NELFUND continues to expand the implementation of the Federal Government’s interest-free student loan initiative, one of the flagship education programmes introduced under the Tinubu administration.

Ovia has chaired the NELFUND Board since his appointment by President Tinubu on April 26, 2024, shortly after the President signed the Access to Higher Education Act (Repeal and Re-Enactment) Act into law, establishing the legal framework for the scheme.

Sawyerr, who was appointed the pioneer Managing Director and Chief Executive Officer of the fund on April 5, 2024, has overseen the rollout of the programme since its inception.

According to NELFUND, the fund has so far disbursed more than ₦303 billion to over 1.64 million students across more than 300 tertiary institutions nationwide, marking a significant milestone in efforts to improve access to higher education.

Although no official statement was issued after Tuesday’s meeting, the engagement comes at a time when the government is seeking to strengthen education financing and expand opportunities for students through the loan scheme.

Beyond his role at NELFUND, Ovia remains one of Nigeria’s most prominent business leaders.

Following his retirement as Founder and Group Chairman of Zenith Bank in May, he has continued to champion education through James Hope University in Lekki, Lagos, where he serves as founder and chancellor, as well as through the Jim Ovia Foundation, which supports educational development.

The meeting also follows recent updates from NELFUND highlighting the continued growth of the student loan programme, which the Federal Government has described as a key component of its broader human capital development strategy.