The Nigerian Education Loan Fund (NELFUND) has announced the receipt of N2 million from Adegboyega Awomolo, a Senior Advocate of Nigeria (SAN), marking the full repayment of a loan he benefitted from during his undergraduate years. Awomolo, who studied at the University of Ife (now Obafemi Awolowo University) between 1975 and 1977, contributed to bank draft, nearly five decades after receiving the loan.
Monalisa Dike, from the Corporate Communications Department of NELFUND, revealed this in a statement on Friday in Abuja. Dike noted that Awomolo’s repayment serves as a testament to his integrity and his commitment to giving back to a system that once provided him with a lifeline during his studies. The loan, which amounted to N1,000 at the time, played a crucial role in enabling him to complete his law degree and ultimately become a prominent figure in Nigeria’s legal sector.
According to the statement, Awomolo had made previous attempts to repay the loan over the years but had been unable to do so until now. In his letter to the Managing Director of NELFUND, Akintunde Sawyerr, he expressed his profound gratitude to the Nigerian government for the student loan opportunity, acknowledging the crucial role it played in shaping his successful career.
Awomolo also praised NELFUND for its ongoing efforts in managing the student loan program with transparency and accountability, particularly under the leadership of Sawyerr. He expressed his confidence in the current administration of the fund and its commitment to ensuring that future generations of Nigerian students have access to similar educational opportunities.
“His two million Naira repayment serves as full and final settlement of his loan indebtedness, reflecting his dedication to upholding his responsibility to the nation,” Dike stated, adding that this act of patriotism is a shining example of the long-term impact of Nigeria’s education loan system. She stressed that the gesture is not only a demonstration of financial responsibility but also a reflection of the moral values that still exist among Nigerians.
Awomolo’s repayment comes at a time when NELFUND is working hard to ensure that more students, regardless of their financial background, have access to education through loans and other financial aid programs. The fund, as part of President Bola Tinubu’s administration’s broader initiative, is focused on empowering Nigerian youth through education, which is seen as a critical driver of economic growth and development.
“Awomolo’s patriotic gesture is another shining example of the enduring value of education and the importance of fulfilling one’s obligation. It demonstrates the strength of morality, which still exists amongst Nigerians,” Dike noted.
She further assured that the N2 million contribution will be put to good use, as it will be channeled into funding the education of students who currently need financial support. This is in line with NELFUND’s mission to continue making education accessible to all, regardless of financial standing.
Awomolo’s action, Dike added, underscores the lasting importance of education in personal and national development. It serves as a reminder that those who have benefitted from such schemes in the past have a responsibility to give back, thus ensuring the sustainability of the initiative for future generations.
The repayment also highlights the broader importance of student loan systems in promoting education access. As NELFUND continues its efforts to bridge the financial gap for Nigerian students, it remains focused on ensuring that these funds are managed effectively to benefit the youth of the nation.
“NELFUND remains committed to empowering future generations of Nigerian students and ensuring that access to education is available to all, regardless of financial background,” Dike concluded.
This repayment serves as a reminder of the vital role such schemes play in nation-building, as well as the power of education to transform lives.
