Founder of Zenith Bank Plc and Chairman of the Nigeria Education Loan Fund (NELFUND), Jim Ovia, has said many Nigerian students would not have had access to university education without the Federal Government’s education loan scheme.

In a recent interview with Channels Television, Ovia also praised President Bola Ahmed Tinubu over the initiative, describing NELFUND as a major intervention that is expanding access to higher education for thousands of students across the country.

He further dismissed claims that the education loan scheme is being misused, insisting that the programme is serving its intended purpose.

“Yes, NELFUND definitely is addressing (access to education), and we are glad that Bola Tinubu has introduced that by setting up NELFUND — Nigeria Education Loan Fund — and it’s a very encouraging initiative,” the businessman said.

“I’ve been the chairperson of that for the past five years, and it’s very successful today. So many universities have already been benefiting from that.

“No, it’s not being abused at all because without the Nigeria Education Loan Fund, many students wouldn’t have gone to university at all. And also, they are being encouraged to have some stipend to pay their school fees. So, it’s not being abused; it’s being encouraged.”

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The Zenith Bank founder urged beneficiaries to take advantage of the opportunity created by the Federal Government to pursue higher education and improve their prospects.

“Without NELFUND, they wouldn’t have gone to the university at all. So, they should be encouraged to take the opportunity to go to university and graduate, and they will get jobs.”