Post by Ibadan Watch (@Ibadanwatch)
Tinubu Meets Jim Ovia, NELFUND CEO at Aso Rock Amid Student Loan Expansion.
President Bola Tinubu on Tuesday held a closed-door meeting at the Presidential Villa in Abuja with Zenith Bank founder Jim Ovia and the Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr.
Although the Presidency did not disclose the purpose of the meeting, it comes as the Federal Government continues to expand its flagship student loan programme.
Ovia and Sawyerr arrived at the State House at about 5:15 p.m. before proceeding into the Presidential Villa for discussions with the President. The meeting has drawn attention because of its timing, coinciding with the continued rollout of the interest-free education loan scheme designed to improve access to higher education for Nigerian students.
Tinubu appointed Ovia as Chairman of the NELFUND Board in April 2024 after signing the Access to Higher Education Act (Repeal and Re-Enactment) into law, establishing the Nigerian Education Loan Fund. Sawyerr, appointed as the pioneer Managing Director and CEO of the agency, has overseen the implementation of the programme since its launch.
According to NELFUND, the initiative has recorded significant growth, with more than ₦303.9 billion disbursed to 1,635,676 beneficiaries from over 1.8 million applications as of July 4, 2026.
The agency also announced the release of an additional ₦1.5 billion to 6,129 students across three tertiary institutions for the 2025/2026 academic session.
The meeting also follows Ovia's recent public endorsement of the student loan initiative, which he described as a transformative intervention that has enabled thousands of Nigerians to pursue higher education. He commended President Tinubu for establishing the programme and dismissed claims that it was being abused.
Ovia argued that the scheme had opened the doors of tertiary education to many students who otherwise would not have been able to afford university education. He also noted that the provision of stipends alongside tuition support had strengthened the programme's impact on beneficiaries.
Encouraging students to maximise the opportunity, Ovia urged beneficiaries to focus on completing their education and preparing for future employment. He expressed confidence that the initiative would contribute to building a more educated workforce capable of supporting Nigeria's long-term economic development.
Following his retirement as Founder and Group Chairman of Zenith Bank in May, Ovia remains active in the education sector through the Jim Ovia Foundation and as founder and chancellor of James Hope University in Lagos.
Zenith Bank has credited his decades-long leadership with providing strategic direction and strong corporate governance that helped establish the institution as one of Nigeria's leading financial institutions.
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