President Bola Tinubu on Tuesday held a closed-door meeting with the founder of Zenith Bank, Jim Ovia, and the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund, Akintunde Sawyerr, at the Presidential Villa, Abuja.
The purpose of the meeting was not disclosed as of the time of filing this report.
Ovia and Sawyerr arrived at the State House at about 5:15 p.m. on Tuesday. Ovia was dressed in a black suit with a red tie as both officials proceeded into the Presidential Villa for the meeting.
The development comes amid continued expansion of the Federal Government’s student loan programme being implemented by the Nigerian Education Loan Fund, NELFUND.
Tinubu had appointed Ovia as Chairman of the NELFUND Board on April 26, 2024, shortly after signing the Access to Higher Education Act (Repeal and Re-Enactment) Act into law, which established Nigeria’s interest-free student loan scheme.
Sawyerr, who was appointed the pioneer Managing Director and Chief Executive Officer of the fund on April 5, 2024, has overseen the implementation of the initiative since its launch.
According to NELFUND, the scheme has continued to record significant growth, with total loan disbursements exceeding ₦303.9 billion to 1,635,676 beneficiaries from 1,800,489 applications as of July 4, 2026.
The fund also announced on July 9 that it released an additional ₦1.5 billion to 6,129 students across three tertiary institutions for the 2025/2026 academic session.
Tuesday’s meeting also followed Ovia’s recent endorsement of the student loan initiative, describing it as a transformative intervention that has enabled thousands of Nigerians to access higher education.
Speaking during a recent interview with newsmen, the NELFUND Board chairman praised Tinubu for establishing the scheme and dismissed claims that it was being abused.
“Yes, NELFUND definitely is addressing (access to education), and we are glad that Bola Tinubu has introduced that by setting up NELFUND — Nigeria Education Loan Fund — and it’s a very encouraging initiative,” Ovia said.
He added, “No, it’s not being abused at all because without the Nigeria Education Loan Fund, many students wouldn’t have gone to university at all. And also, they are being encouraged to have some stipend to pay their school fees. So, it’s not being abused; it’s being encouraged.”
Ovia urged beneficiaries to maximise the opportunity provided by the Federal Government.
“Without NELFUND, they wouldn’t have gone to the university at all. So, they should be encouraged to take the opportunity to go to university and graduate, and they will get jobs,” he said.
Ovia, who retired as Founder and Group Chairman of Zenith Bank in May, remains active in education through the Jim Ovia Foundation and as founder and chancellor of James Hope University in Lagos. He became the bank’s chairman on July 16, 2014, after previously serving as its founder and Group Managing Director/CEO from 1990 to 2010. After his retirement, the bank described Ovia’s tenure as marked by strong leadership, strategic direction, and effective board oversight.