President Tinubu taps Ovia, Zenith Bank founder, to chair Education Loan Fund
Jim Ovia, newly appointed chairman, NELFUND
Business a.m.
President Bola Tinubu has tapped Jim Ovia, the founder and chairman of Zenith Bank Plc, to lead the newly formed Nigerian Education Loan Fund (NELFUND) as board chairman.
Ajuri Ngelale, the president’s special adviser on media and publicity, detailed the appointment in a State House statement made available to Business a.m.
President Tinubu, in a resounding endorsement of Jim Ovia’s suitability for the position, expressed confidence that Ovia’s extensive expertise and professional stature will undoubtedly catalyse the advancement of the government’s vision for the country’s education sector. This includes ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.
Leading the pack as one of Africa’s financial powerhouses, Jim Ovia has carved out an impressive reputation as the founder and chairman of Zenith Bank Plc, a global entity with a strong balance sheet of $21.4 billion in assets and a shareholders’ fund of $2.4 billion as at December 2023. From its birth on Nigerian soil, Zenith Bank’s reach currently spans multiple African nations, solidifying its presence on the international stage with notable outposts in London and Dubai.
A torchbearer for education and innovation, Ovia’s visionary pursuit of academic excellence recently bore fruit with the establishment of James Hope University, a private university in Lekki, Lagos. This addition to Nigeria’s tertiary education landscape won the National Universities Commission’s (NUC) approval to offer postgraduate degrees in business-focused programmes, a landmark achievement realised in September 2023.
While casting a spotlight on the transformative power of philanthropy, the Jim Ovia Foundation has served as a shining beacon of hope to underprivileged Nigerian youths. A testament to this being the various scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative. Notably, many of the beneficiaries of the Foundation have since realised their dreams, securing professional triumphs in diverse disciplines ranging from accounting to business administration, law to engineering, and medicine.
Ovia also gained recognition for his book, “Africa Rise and Shine”, published by ForbesBooks, which peeled back the curtain on the secrets of success in African commerce. Harnessing his extensive knowledge honed at the prestigious Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana (B.Sc. Business Administration), Ovia charts Zenith Bank’s trajectory in the African business landscape, revealing the principles and strategies that underpinned its ascent to prominence.
Ovia’s impressive portfolio extends beyond the boundaries of African business as he serves as a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths. The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage, a task the president is confident can be achieved through Jim Ovia’s guidance.