No godfather needed for student loan — NELFUND

THE management of Nigerian Education Loan Fund (NELFUND), has reassured the public that every eligible Nigerian student will have access to the interest-free loan scheme and that no “godfather” is needed.

Executive Director, Finance and Administration, NELFUND, Dr. Fred Femi Akinfala, in a write-up, noted that the management of NELFUND is committed to creating an open, fair, and transparent application process.

Akinfala said he was convinced that by the time President Bola Tinubu would be completing his entire constitutionally allowable tenures in 2031, the students’ loan initiative, being managed by the Nigerian Education Loan Fund, NELFUND, would be among his best-celebrated achievements.

According to him, the initiative will be recorded as the most revolutionary policy regarding tertiary education in Nigeria.

“This is because the initiative, among other benefits, would help Nigerian students create a safe pathway from financial obstacles to attaining their educational pursuits.

“The result will be that student retention and completion rates will increase, and so will the number of skilled talents in the economy.

“It is for this reason, and in line with President Tinubu’s Renewed Hope agenda, that the management of NELFUND is committed to creating an open, fair, and transparent application process. The openness in the scheme’s administration means students can easily apply online, submit, and track a loan request through the same process, which means that there is nothing anyone, including officials of NELFUND, can do to manipulate the process for self-advantage,” he stated.

Akinfala added that already that NELFUND has gathered current students’ data, comprising the federal universities, polytechnics, colleges of education and technical colleges in Nigeria. The exact process applies to the state-owned tertiary institutions which will start on June 28.

He said: “It must be stressed at this point that every eligible student is equal, and no one needs to have a ‘godfather’ or unique connections in society to access the loan.

“Instead, what is essential is for an applicant to meet the laid-down criteria. These are ensuring, as an applicant, that you are enrolled in a Federal or State tertiary institution, and possess a letter of admission from the statutory Joint Admission and Matriculation Board, a Biometric Verification Number (BVN) and a National Identification Number (NIN).

“The simplification of the loan process and its accessibility to the public are to clear ambiguity or a perception of bias in selecting successful applications.

“As a fact, it is not for nothing that the NELFUND’s management has taken steps to foster public trust, inclusion, and sustainable reputational capital. It is also worth noting that the agency has instituted solid corporate governance, supported and overseen by its equally dedicated governing board led by respected banker and Zenith Bank Plc founder, Mr Jim Ovia.

“In the same vein, the management, led by its managing director, Mr Akintunde Sawyerr, has declared zero tolerance for corruption and corrupt practices within and outside the agency.

“For Sawyerr, pilfering funds meant to empower students is egregious and an unpardonable sin. He once related an intriguing story to me about some burglars in the United Kingdom who seemed to make it a rule among them not to take anything belonging to children.”

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