How NELFUND Helped LAUTECH’s Best Grad student Conquer Poverty

For nine years, Oladepo Caleb Olugbenga lived in a house where the flicking of a light switch was a foreign concept. Growing up in a village in Osun State, his world was illuminated by the dim glow of lanterns and candles. There was no television to distract him, only the stark reality of a family of five struggling to afford the most basic private education.

​Today, that same young man stands as a beacon of academic excellence. Caleb has emerged as the Overall Best Graduating Engineering Student of the Ladoke Akintola University of Technology (LAUTECH) for the 2024/2025 session, finishing with a staggering Cumulative Grade Point Average (CGPA) of 4.89 out of 5.0.

​The Long Walk to Success

​Caleb’s journey to the convocation podium was paved with miles of daily trekking to public schools and the grit of parents who worked as “jacks-of-all-trades” just to keep the household running.

​”I attended public schools not by choice, but because even the most inexpensive private schools were beyond our means,” Caleb shared in a moving reflection on Friday. “Survival—food and clothing—was a daily struggle.”

​His ascent was marked by timely interventions from strangers and mentors. In his third year, a friend’s father gave him his first smartphone. Lecturers often stepped in with clothing. But the ultimate hurdle—the rising cost of tertiary education—was cleared by a national policy: the Nigerian Education Loan Fund (NELFUND).

​The NELFUND Catalyst

​Taking to social media to celebrate his achievement, Caleb sparked a national conversation by tagging NELFUND with a simple message: “Your loans made it possible.”

​While some critics accused him of “politicizing” his success, Caleb was quick to set the record straight. “To acknowledge what helped one’s journey is neither propaganda nor misplaced allegiance. It is simply an act of appreciation,” he noted. For him, the loan was not just a financial transaction; it was the “rung of legitimate support” that prevented his dreams from being truncated by poverty.

​A Growing Impact Amid Logistics Hurdles

​Caleb’s story comes at a pivotal time for the student loan scheme. Since its inception in April 2024, NELFUND has scaled significantly. As of March 2026, official data shows that over ₦206 billion has been disbursed to more than 1.16 million beneficiaries across 270 institutions.

​However, the road has not been without bumps. At LAUTECH, Vice-Chancellor Prof. Razaq Kalilu recently highlighted that while over 19,000 students applied, thousands were still awaiting full disbursement. NELFUND has responded by urging institutions to remain flexible, ensuring no student is barred from exams due to processing delays.

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​A Symbol of Intent

​The Presidency has seized on Caleb’s success as a “proof of concept.” Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that the policy was “intentional, to help students like Caleb, who would have been denied the dream of tertiary education.”

​As Oladepo Caleb Olugbenga prepares for the next chapter of his engineering career, his story serves as a powerful testament to what happens when brilliance meets opportunity.

​”Greatness awaits all of us,” he concluded, a fitting end for a man who once walked miles in the dark to find his place in the light.

​At A Glance: NELFUND Progress (As of March 2026)

• ​Total Disbursed: Over ₦206 Billion

• ​Total Beneficiaries: 1,164,222 students

• ​Institutional Fees: ₦128.84 Billion (Paid directly to schools)

• ​Upkeep Allowance: ₦77.45 Billion (Paid to students)

• ​Reach: 270 Tertiary Institutions nationwide