Beneficiary Repays N2m Student Loan after 40 years

The Nigerian Education Loan Fund (NELFUND) has announced the receipt of the sum of N2 million bank draft from a beneficiary of 1970s scheme.

The Nigerian Education Loan Fund (NELFUND) confirmed the receipt of the sum of N2 million bank draft from a Senior Advocate of Nigeria (SAN), Asiwaju Adegboyega Solomon Awomolo, SAN, a beneficiary of the 1970s defunct Federal Government Student Loan Scheme.

Mr. Awomolo, who benefitted from the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) in the 1975/1976 and 1976/1977 academic sessions, repaid the loan in full, according to a statement from the Fund

It said the loan, which at the time amounted to a total of N1,000 for both sessions, was instrumental in helping him complete his law degree.

The statement said despite several previous attempts, over the years, to refund the loan, Mr. Awomolo was unable to fulfill the repayment until now.

“In his letter dated 04/09/24 and addressed to the Managing Director/CEO of NELFUND, Mr. Akintunde Sawyerr, Mr. Awomolo expressed his gratitude to the Nigerian government for the opportunity that the student loan provided him, enabling him to pursue and complete his undergraduate studies without financial hardship,” the statement reads.

“He acknowledged the transparency and accountability that NELFUND has demonstrated in its current management of student loans, commending the organization’s efforts to ensure that deserving indigent students across the country can access educational funding.”

The Fund said Mr. Awomolo’s repayment comes as a testament to the lasting impact of the President Bola Ahmed Tinubu (GCFR) initiative and the ongoing relevance of NELFUND in supporting Nigerian students.

“His N2 million repayment serves as full and final settlement of his loan indebtedness, reflecting his dedication to upholding his responsibility to the nation.”

NELFUND said it remains committed to empowering future generations of Nigerian students and ensuring that access to education is available to all, regardless of financial background.

“This nationalistic act, follows a similar gesture announced on 27th August 2024 when another senior Nigerian, repaid his loan in full with the sum of N3,189,000.”

“Mr. Awomolo’s patriotic and honourable gesture is yet another shining example of the enduring value of education and the importance of fulfilling one’s obligation and demonstrates the strength of morality, which still exists amongst Nigerians,” the fund said.

Meanwhile it said the funds will be used to fund the education of students who need the loan now.

The repayment comes two weeks after NELFUND announced that Hon. Lanre Laoshe, a beneficiary of the Federal Government Student Loan Scheme, repaid his N1,200 student loan, received between 1976 and 1979, with the sum of N3,189,217.

According to a statement by the Fund, Hon. Laoshe, a distinguished former member of the House of Representatives and a former Deputy Whip, who, benefited from the Scheme, expressed his deep appreciation for the financial support he received from the Federal Government during his educational pursuit.