Stakeholders within the education and policy sectors have raised concerns regarding the recent restructuring of the National Education Loan Fund (NELFund) board by the federal government, questioning the trustworthiness of its members in managing student loan funds.

The board includes Jim Ovia, former CEO of Zenith Bank Plc, serving as chairman; Akintunde Sawyerr as Managing Director & CEO; Femi Akinfala as Executive Director of Finance and Administration; Mustapha Iyal as Executive Director of Operations; and Oluwafunmilayo Alagbada as Board Secretary and General Counsel.

Recently, following presidential approval, the Economic and Financial Crimes Commission (EFCC) allocated N50 billion from recovered criminal proceeds to the NELFund to support the student loan initiative. As of August 2, NELFund reported that it had disbursed over N2.5 billion to more than 22,120 applicants within the student loan program, raising hopes among Nigerian students from low-income backgrounds for financial assistance in their education.

Nevertheless, there are apprehensions regarding the transparency and accountability in the management of these funds. Akintunde Moses, a policy analyst based in Lagos, humorously questioned whether the recovered funds might be subject to misappropriation again. 

Jim Ovia was appointed as the inaugural chairman of NELFund in April 2024. He is a distinguished banker and entrepreneur, having founded Zenith Bank, one of Africa's largest financial institutions, which boasts over $24 billion in assets and more than $3 billion in shareholders' equity as of June 2022. Ovia holds degrees from Harvard Business School (OPM), the University of Louisiana (MBA), and Southern University in Louisiana (BSc in Business Administration).

Mr. Moses stated that Ovia's bank recently found itself in a legal conflict with Femi Otedola, a prominent figure in the financial markets, regarding allegations of fraudulent activity. Otedola initiated legal proceedings against Zenith Bank, claiming that the bank improperly sold his shares. He further accused Zenith Bank of illegally utilizing the account of his company, Seaforce Shipping Limited, for trading activities in 2011 without his awareness or approval. 

Nevertheless, he noted that the matter was ultimately resolved outside of court. Additionally, there are concerns surrounding Akintunde Sawyerr, the inaugural MD/CEO of NELFund. Sawyerr has represented NELFund as its founding MD since the program's launch in 2023. 

Before this role, he held positions with various multinational companies in the logistics, agricultural development, and healthcare industries. From 2013 to 2018, he was the head of Sub-Saharan Africa operations at Medtronic, a medical device firm based in the United States and Ireland. 

In 2010, he acted as an international advisor for the Supply Chain and Logistics Group in the UAE, offering strategic insights. In 2009, Sawyerr was the Sub-Saharan Africa director at EBRAM Investments in Saudi Arabia.

His knowledge encompasses the life sciences, consumer products, and oil & gas industries, where he oversaw operations in 21 countries across the Middle East, North Africa, and Turkey for DHL in 2007. Sawyerr also served as the head of the supply chain for London at DHL EXEL Supply Chain. He established the Produce Export Development Association (PEDA), previously known as AFGEAN.

Femi Akinfala, Executive Director of Finance & Administration at NELFund, has authored a series of articles aimed at educating Nigerians about the significance and limitations of NELFund, assuring that the organization will strive to address the needs of students.

“NELFUND is committed to realizing the aspirations of President Bola Tinubu and the Renewed Hope agenda. This is a pan-Nigerian initiative that is inclusive and will guarantee equal access for all eligible Nigerian students, irrespective of their tribe, religion, or language,” he stated in one of his writings.

In another piece, he remarked that “the Nigeria Education Loan Fund represents a vital intervention in the quest for social justice in Nigeria. By tackling the financial obstacles to higher education, empowering marginalized communities, and promoting inclusive economic growth, NELFUND has the capacity to drive a more just and equitable future for the nation,” Akinfala emphasized.

Akinfala has a history of being a trailblazer. He was the inaugural director of HR and general services for the Nigeria Police Trust Fund (NPTF), established in 2019. He was also among the officials interrogated during a 2021 anti-corruption investigation concerning the expenditure of a N1.6 billion NPTF start-up grant.

He was also interrogated regarding the acquisition of inferior equipment that consumed a portion of the N11 billion in donated funds. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) investigated the procurement of 640 sub-par bulletproof vests, 120 ballistic helmets, and 120 buffalo fans for the police by the NPTF management. The findings of this investigation were never disclosed to the public.

Mustapha Iyal, the Executive Director of Operations at NELund, graduated in 2013 with a degree in Computer Applications and IT from Jamia Hamdard Institute in New Delhi, India. Over the past ten years, Iyal has held positions as an IT Project Manager and Operations Director, managing projects across various sectors. He specializes in designing and implementing scalable IT infrastructures to harness emerging technologies for optimizing business processes.

From 2011 to 2013, he served as an assistant network engineer at the Indian Institute of Hardware Technology. After completing his studies, he returned to Nigeria to work as a network administrator at the Kaduna State AIDS Control Agency. Between 2015 and 2016, Iyal was employed as a monitoring and evaluation officer with the Partnership for Advocacy in Child and Family Health (PACFaH).

Until late 2018, he assisted the Managing Director of Nigeria Inter-Bank Settlement Systems (NIBSS) PLC. From 2019 to 2023, Iyal worked as a personal assistant to the deputy governor of operations at the Central Bank of Nigeria (CBN). He earned a master’s degree in information management in 2023.

Exploring the background of Oluwafunmilayo Alagbada, who serves as the Board Secretary and General Counsel, reveals her extensive experience prior to her appointment to the NELFund board in 2024. 

Alagbada was previously a legal practitioner and held the position of vice president for West Africa at the pan-African investment firm Platform Capital from 2022 to 2023. Additionally, she served as the company secretary and head of human resources at Strand Capital Partners Limited from 2008 to 2012. She earned her LLB from the University of Buckingham in the UK in 1997 and completed her MA in International Business at Bournemouth University in 2001. 

Alagbada's career has predominantly been within private sector organizations and non-profit entities. Nnamdi Chukwuebuka, a legal practitioner and educator, expressed concerns regarding the board's composition, stating, “The composition of these individuals still has not convinced many Nigerians that these funds would be judiciously managed because some of the board members still have question marks over the past dealings.”