SAN Makes Astonishing Move, Returns N2 Million Student Loan Borrowed 40 Years Ago

• Senior Advocate of Nigeria (SAN), Asiwaju Adegboyega Awomolo, has repaid N2 million to the Nigerian Education Loan Fund (NELFUND) as settlement for a loan he received under the 1970s
• Awomolo, who benefited from the loan during his undergraduate years at the University of Ife, repaid the N1,000 loan amount
• NELFUND commended Awomolo’s repayment as a testament to the lasting impact of the student loan initiative

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, a former beneficiary of the now-defunct Federal Government Student Loan Scheme of the 1970s.

Awomolo, who utilized the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) in the 1975/1976 and 1976/1977 academic sessions, fully repaid the loan.

This was contained in a statement from NELFUND.

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The loan, which amounted to N1,000 at the time, was crucial in enabling him to complete his law degree. Despite previous attempts to settle the debt, Awomolo only managed to repay the loan in full recently, Punch reported.

The statement reads:

“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.”

NELFUND speaks on significance of student loan

The Fund noted that Mr. Awomolo’s repayment stands as a strong testament to the enduring significance of President Bola Ahmed Tinubu’s (GCFR) initiative, as well as the continued importance of NELFUND in assisting Nigerian students, Daily Trust reported.

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The Fund said:

"His N2 million payment represents the full and final settlement of his loan, showcasing his commitment to fulfilling his obligation to the nation."

NELFUND extends loan program to 40 additional institutions

Earlier, Legit.ng reported that in a significant move to bolster educational opportunities for Nigerian students, NELFUND has announced the disbursement of student loans to 40 additional institutions.

This expansion brings the total number of institutions benefiting from the program to 59, underscoring NELFUND’s commitment to enhancing access to quality education irrespective of financial background.

Source: Legit.ng