The Nigerian Education Loan Fund (NELFUND) has announced the receipt of a N2 million bank draft from Senior Advocate of Nigeria (SAN), Asiwaju Adegboyega Solomon Awomolo. Awomolo, a beneficiary of the now-defunct Federal Government Student Loan Scheme in the 1970s, repaid the loan in full, according to a statement by the Fund.
Awomolo, who utilised the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) during the 1975/1976 and 1976/1977 academic sessions, expressed gratitude for the financial support. The total loan amount at the time was N1,000, which enabled him to complete his law degree.
Despite previous efforts to repay the loan, Mr. Awomolo was unable to do so until now. In a letter dated September 4, 2024, and addressed to the Managing Director/CEO of NELFUND, Mr Akintunde Sawyerr, Awomolo expressed his appreciation to the Nigerian government for providing him with the opportunity to pursue his studies without financial hardship.
“In his letter… Mr. Awomolo expressed his gratitude to the Nigerian government for the opportunity that the student loan provided him, enabling him to pursue and complete his undergraduate studies without financial hardship,” the statement reads.
Awomolo commended NELFUND for its transparency and accountability, recognising the organisation’s ongoing efforts to ensure that deserving students across the country can access educational funding. His repayment, the Fund said, is a testament to the lasting impact of President Bola Ahmed Tinubu’s initiative and NELFUND’s continuing role in supporting Nigerian students.
“His N2 million repayment serves as full and final settlement of his loan indebtedness, reflecting his dedication to upholding his responsibility to the nation,” the statement added.
NELFUND noted that the funds from Awomolo’s repayment will be used to support current students in need of loans, further strengthening its mission to empower Nigerian students irrespective of financial background.
“This nationalistic act follows a similar gesture announced on 27th August 2024, when another senior Nigerian repaid his loan in full with the sum of N3,189,000,” the Fund remarked.
“Mr. Awomolo’s patriotic and honourable gesture is yet another shining example of the enduring value of education and the importance of fulfilling one’s obligation.”
This repayment comes just two weeks after Hon. Lanre Laoshe, another beneficiary of the Federal Government Student Loan Scheme, repaid his N1,200 loan received between 1976 and 1979 with the sum of N3,189,217.
Laoshe, a former member of the House of Representatives and Deputy Whip, similarly expressed appreciation for the government’s financial support during his academic pursuit.
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