Students Loan: Tinubu Makes New Appointments To Steer NELFund

President Bola Tinubu has given his nod to the appointment of a managing director and two executive directors to join the leadership team of the National Education Loan Fund.

According to the statement titled, ‘President Tinubu appoints management team of the Nigerian Education Loan Fund,’ issued by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, the appointees are Akintunde Sawyerr as Managing Director, Mr. Frederick Akinfala as Executive Director, Finance and Administration, and Mr. Mustapha Iyal as Executive Director, Operations.

Ngelale remarked, “The appointments are in line with his determination to secure Nigeria’s socio-economic future by ensuring sustainable higher education and critical skill development for all Nigerian students and the youth.”

These appointments come shortly after Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

The new legislation addresses shortcomings in the previous 2023 Act, particularly concerning governance, loan purposes, eligibility, application procedures, repayment terms, and loan recovery.

The newly enacted version empowers the Loan Fund as a corporate entity, granting it the authority to enter into contracts, including loan agreements with applicants, and to pursue enforcement actions for loan recovery.

Furthermore, the Act stipulates the appointment of a Chairperson, a Managing Director, and two Executive Directors of Finance and Operations, each serving for a five-year term.

President Tinubu emphasized the urgency of establishing the necessary infrastructure for the effective implementation of the Fund, aiming to benefit Nigerian students and families nationwide.