SAN Repays N2m Student Loan After 40 Years

• The Nigerian Education Loan Fund receives N2 million from Ali Isa Jita, a former beneficiary, demonstrating the lasting impact of student loans
• Jita’s repayment reflects his gratitude towards the government for supporting his education, highlighting NELFUND’s commitment to future student funding

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

Mr. Awomolo, who received the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) during the 1975/1976 and 1976/1977 academic sessions, has fully repaid the loan, according to a statement from the Fund. At that time, the loan amounted to N1,000, which was instrumental in helping him complete his law degree.

Despite several attempts over the years, Mr. Awomolo has been unable to repay the loan. In his letter dated September 4, 2024, addressed to the Managing Director/CEO of NELFUND, Mr. Akintunde Sawyerr, he expressed gratitude to the Nigerian government for the opportunity provided by the student loan, which allowed him to pursue his undergraduate studies without financial hardship.

Mr. Awomolo acknowledged the transparency and accountability demonstrated by NELFUND in its management of student loans, commending its efforts to ensure that deserving, needy students across Nigeria can access educational funding.

According to NELFUND, Mr. Awomolo’s repayment is a testament to the lasting impact of the initiative started under President Bola Ahmed Tinubu and the ongoing relevance of NELFUND in supporting Nigerian students. His repayment of N2 million serves as the full and final settlement of his loan debt, reflecting his dedication to upholding his responsibility to the nation.

The Fund remains committed to empowering future generations of Nigerian students and ensuring that education is accessible to all, regardless of financial background. The funds received will support the education of students who currently need loans.

This gesture follows a similar act on August 27, 2024, when another senior Nigerian repaid his loan in full with N3,189,000. Two weeks prior, NELFUND announced that Hon. Lanre Laoshe, a former beneficiary of the Student Loan Scheme, repaid his N1,200 student loan, taken between 1976 and 1979, with a total payment of N3,189,217. Hon. Laoshe, a former member of the House of Representatives and a former Deputy Whip, expressed his deep appreciation for the financial support he received from the government during his studies.

Mr Awomolo’s honourable action is a shining example of the enduring value of education and the importance of fulfilling one’s obligations, demonstrating the strong sense of morality that still exists among Nigerians.