The Nigerian Education Loan Fund (NELFUND) says it received a N2 million refund from a Senior Advocate of Nigeria and former beneficiary of the defunct Federal Government Student Loan Scheme in the 1970s, Adegboyega Awomolo.
The Fund in a statement on Friday, September 6, said Awomolo, who benefitted from the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) in the 1975/1976 and 1976/1977 academic sessions, repaid the loan in full.
It said the loan, which at the time amounted to a total of N1,000 for both sessions, was instrumental in helping him complete his law degree.
The statement said despite several previous attempts, over the years, to refund the loan, Mr. Awomolo was unable to fulfill the repayment until now.
“In his letter dated 04/09/24 and addressed to the Managing Director/CEO of NELFUND, Mr. Akintunde Sawyerr, 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.
He acknowledged the transparency and accountability that NELFUND has demonstrated in its current management of student loans, commending the organization’s efforts to ensure that deserving indigent students across the country can access educational funding.
His N2 million repayment serves as full and final settlement of his loan indebtedness, reflecting his dedication to upholding his responsibility to the nation.
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 statement reads.
Meanwhile it said the funds will be used to fund the education of students who need the loan now.
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