Jim Ovia lauds NELFUND while reflecting on his $3.3 billion Zenith Bank empire

Nigerian billionaire Jim Ovia praised President Bola Tinubu for establishing the Nigeria Education Loan Fund (NELFUND), saying the programme is vital for university access and is not being abused. Ovia, who chairs the NELFUND board, noted that the fund has disbursed over ₦303.9 billion to 1.6 million beneficiaries since its launch, including a recent ₦1.5 billion distribution to 6,129 students for the 2025/2026 academic session.

The comments came alongside a profile of Ovia’s banking career. He founded Zenith Bank in 1990 with seed capital of ₦20 million (about $5 million) and has grown it into a $3.3 billion shareholder‑equity institution with assets exceeding $30 billion, making it one of Nigeria’s largest banks. His early experience as a clerk at Barclays (now Union Bank) and later education in the United States shaped his focus on capital adequacy, operational efficiency and technology.

Ovia urged Nigerian students to take full advantage of the loan programme, emphasizing that without NELFUND many would not reach university and subsequent employment.