The pilot phase of Nigeria’s student loan scheme has gone live with federal tertiary institutions as beneficiaries.

Recall Nigeria’s President, Asiwaju Bola Ahmed Tinubu, enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The plan was supposed to go into effect in October 2023, however execution was continuously postponed until it was reenacted in April 2024.

May 24 is the day that NELFUND has set aside for the launch of the loan application and issuing portal.

Only federal tertiary institutions would be eligible for the scheme’s pilot phase, according to NELFUND during pre-application sensitization.

On May 24, the programme went online at 0:00, and the fund encouraged federal universities, polytechnics, and colleges students to apply.

Earlier, NELFUND confirmed that loans to state-owned institutions will be provided as part of the scheme’s second rollout, which will be notified when it is due.

In an FAQ published via its social media page, NEFUND said only students of public tertiary institutions are eligible to apply for the loan.

It said they must submit proof of admission capturing their name, birth date, JAMB number, matriculation number, and BVN.

The fund said all new and existing students within the institutions can enter for the loan, conditionally including direct entry candidates.

It said how much loan every student is allowed to apply for would be determined by the charges of their respective institution.

“The charges will be remitted directly to the institutions and the upkeep will be paid to the applicant on a monthly instalment,” it said.

“Applicants will receive a notification and the status of the loan application can be seen in the applicant’s profile on the portal.”

NELFUND said a beneficiary must begin repayment two years after their youth service as long as they have a job or are self-employed.

It said a beneficiary should notify NELFUND by court affidavit every three months after this due date if still unable to gain employment.

“Ten percent of a beneficiary’s salary will be deducted at source. Self-employed beneficiaries are to remit 10% of monthly profits,” it said.

“You are at liberty to seek to repay beyond the statutory 10% monthly repayment by your employers/by self if you are self-employed.

The fund said an applicant would be denied a loan if proven to have defaulted on any previous loan granted by any licensed financial institution if found guilty of submitting fake documents, and if dismissed for exam malpractices by any school authority.

It said they may be disqualified if convicted of fraud, forgery, drug offences, cultism, felony, and any offence involving dishonesty.

Henry Okonkwo, a primary two pupil of Landmark School, Mgbakwu, in Awka North LGA of Anambra state who was allegedly beaten to a coma by his teacher, has died.

According to earlier reports, the teacher, who went by Faith Nwonye, was detained after it was alleged that she had physically mistreated the 8-year-old student over the weekend.

In a recent interview with journalists, Ngozi Chuma-Udeh, the state commissioner for education, stated that Nwonye and the owner of the school were called to explain the events leading up to the alleged abuse of the student.

The commissioner stated that the school has been closed indefinitely and that it was also discovered to be functioning unlawfully.

However, in a Facebook post on Thursday, Chuma-Udeh confirmed Henry’s passing while revealing that they will “seek justice” for the pupil.

“He was a boy like any other, with hopes and aspirations. He went to school for a better future but met a gruesome death at the hands of the people who were supposed to help him achieve his life ambition,” she wrote.

“A quack teacher in an illegal school bludgeoned him to death. We mourn a life nipped in the bud! We mourn Henry Chukwuemeka Okonkwo! We mourn and we seek justice.”

Drama ensued at the Federal High Court in Abuja as the detained Binance executive, Tigran Gambaryan, collapses in court on Thursday.

When the court registrar called on the defendant to continue the trial, he stayed sitting in the back seat of the reopened trial and did not come down to the dock.

When the defendant refused to step onto the dock, Justice Emeka Nwite, the trial judge, inquired about him.

As they proceeded slowly to the dock, one of the defence team’s attorneys, who was seated next to Gambaryan, supported him by the side, holding his hand.

However, as they approached the dock, Gambaryan sagged, so the attorney helped him settle into the first row seat.

However, Mark Mordi, the defendant’s attorney, informed the court that his client had been declared indisposed and that a formal application letter had been sent to inform the court.

At the last sitting, Justice Nwite had dismissed Gambaryan’s bail application on the ground that the Economic and Financial Crimes Commission (EFCC) had been able to establish that he posed a flight risk in the same manner as Nadeem Anjarwalla.

Gambaryan, Anjarwalla, and Binance Holdings Limited are facing money laundering and terrorism financing charges, brought against them by the EFCC.