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Former Student Loan Beneficiary Repays ₦2 Million to NELFUND After 49 Years

By • September 8, 2024 • Schools Gist

Adegboyega Awomolo, a former student loan beneficiary, has repaid ₦2 million to the Nigerian Education Loan Fund (NELFUND) nearly 49 years after receiving the loan, demonstrating his commitment to fulfilling his financial obligation to the nation.

The Nigerian Education Loan Fund (NELFUND) has announced that Adegboyega Awomolo, a former beneficiary of a student loan, has repaid ₦2 million through a bank draft, nearly 49 years after receiving the loan.

This was disclosed in a statement by Monalisa Dike of NELFUND’s Corporate Communications Department on Friday in Abuja. According to Dike, Awomolo, a Senior Advocate of Nigeria (SAN), received the loan while studying law at the University of Ife (now Obafemi Awolowo University) between 1975 and 1977. The loan, which was ₦1,000 at the time for two academic sessions, played a crucial role in helping him complete his law degree.

Despite several attempts over the years to repay the loan, Awomolo was unable to do so until now. In a letter to NELFUND’s Managing Director, Akintunde Sawyerr, Awomolo expressed gratitude to the Nigerian government for the opportunity provided by the student loan and acknowledged the transparency and accountability NELFUND has shown in managing student loans.

Dike noted that Awomolo’s repayment reflects the lasting impact of President Bola Tinubu’s initiatives and the continued relevance of NELFUND in supporting Nigerian students. His repayment of ₦2 million serves as the full and final settlement of his loan, demonstrating his commitment to fulfilling his obligation to the nation.

“NELFUND remains dedicated to empowering future generations of Nigerian students and ensuring access to education regardless of financial background,” Dike added. She praised Awomolo’s gesture as a shining example of the enduring value of education and the importance of meeting one’s obligations, highlighting that morality and responsibility are still strong among Nigerians.

She also mentioned that the repaid funds would be used to support the education of current students in need of loans.

READ ALSO: NELFUND: Ex-Lawmaker Repays N1,200 Student Loan with N3.1M After 48 Years

SOURCES: ALLSCHOOL, PULSE

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