President Bola Tinubu has named a managing director and two executive directors to lead the management team of the National Education Loan Fund.
This decision, announced on Friday, is part of his commitment to securing Nigeria’s socio-economic future through sustainable higher education and critical skill development for all Nigerian students and youth.
According to a statement from the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, the appointments include Akintunde Sawyerr as Managing Director, Mr. Frederick Akinfala as Executive Director of Finance and Administration, and Mr. Mustapha Iyal as Executive Director of Operations.
This announcement comes just two days after President Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.
The bill aims to establish the Nigerian Education Loan Fund as a body corporate to manage and invest funds for providing loans to Nigerians for higher education, vocational training, and skills acquisition.
The decision to revise the previous act, enacted in 2023, was prompted by challenges related to governance, management, eligibility criteria, application process, repayment provisions, and loan recovery.
The newly signed version of the bill allows for the appointment of a Chairperson, Managing Director, and two Executive Directors of Finance and Operations, each serving for a five-year term.
It grants the Loan Fund the status of a body corporate with the authority to enter contracts, including loan agreements, and initiate enforcement actions to recover loans.
President Tinubu emphasizes the importance of expeditiously establishing the necessary apparatuses for the effective take-off of the Fund, aiming to benefit Nigerian students and families across the country.
