President Bola Tinubu has greenlit the appointment of key personnel to steer the National Education Loan Fund towards a brighter future for Nigerian students and youth. Akintunde Sawyerr assumes the role of Managing Director, joined by Mr. Frederick Akinfala as Executive Director for Finance and Administration, and Mr. Mustapha Iyal as Executive Director for Operations.
Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, emphasized that these appointments align with Tinubu’s unwavering commitment to fortifying Nigeria’s socio-economic landscape through sustainable higher education and vital skill development for all citizens.
This announcement, encapsulated in a statement titled ‘President Tinubu appoints management team of the Nigerian Education Loan Fund,’ follows swiftly after Tinubu’s enactment of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, just two days prior. The legislation, signed in the presence of National Assembly leadership, ministers, and education stakeholders, sets the stage for the establishment of the Nigerian Education Loan Fund as a corporate entity entrusted with managing and investing funds to provide educational loans, vocational training, and skill acquisition opportunities.
The decision to overhaul the 2023 Act stemmed from various challenges related to governance, loan management, eligibility criteria, application procedures, repayment terms, and loan recovery mechanisms. The revised version empowers the fund with a clear organizational structure, allowing for the appointment of a Chairperson, a Managing Director, and two Executive Directors for Finance and Operations each.
Furthermore, the Act grants the Loan Fund corporate status, enabling it to enter into contracts, including loan agreements, and initiate enforcement actions to recover loans from beneficiaries—an authority previously lacking.
With the newly appointed management team in place, President Tinubu underscores the urgent need to operationalize the Fund efficiently, ensuring its swift deployment for the benefit of Nigerian students and families nationwide.
