Student Loan: NELFUND receives N2m refund from former beneficiary

The Nigerian Education Loan Fund (NELFUND) has announced the receipt of the sum of N2,000,000 (Two Million Naira) through a bank draft, given by Asiwaju Adegboyega Solomon Awomolo, SAN, a distinguished Senior Advocate of Nigeria and former beneficiary, in the 1970s, of the defunct Federal Government Student Loan Scheme.

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, has demonstrated his unwavering commitment to the nation by repaying the loan in full.

The loan, which at the time amounted to a total of N1,000.00 (One Thousand Naira) for both sessions, was instrumental in helping him complete his law degree.

Despite several previous attempts, over the years, to refund the loan, 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, Akintunde Sawyerr, 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.

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

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

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NELFUND 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.

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