233 FUTI Students Receive NELFund’s N32m Loan — Acting VC

Acting vice-chancellor of the Federal University of Technology, Ilaro (FUTI) (formerly Federal Polytechnic Ilaro), Dr Mikhail Akinde, has disclosed that a total of 233 students have benefitted from the N32 million loan disbursement under the Nigerian Education Loan Fund (NELFUND) scheme for the current academic session.

The FUTI VC stated this while fielding questions from journalists at a media chat held at the institution’s Ilaro campus, as part of activities marking its 23rd convocation ceremony scheduled for today, Wednesday.

According to him, the scheme is one of the most impactful policies of the President Bola Ahmed Tinubu-led Federal Government in the education sector.

Akinde passionately appealed to investors and captains of industry in Nigeria to partner with educational institutions by patronising their products to ensure the country reaches the heights of technological breakthroughs for local industries.

FUTI, which was formally established as a polytechnic in 1979, officially transitioned to a university in May 2025 after President Bola Ahmed Tinubu gave assent to a Bill upgrading it to a full-fledged University of Technology.

Akinde emphasised that the polytechnic is undergoing a gradual transition into a full-fledged University of Technology without losing its core values of invention, innovation, and fabrication.

He emphatically stated that the NELFund intervention has revolutionised access to tertiary education in the country by removing financial barriers, particularly for indigent students.

According to him, many of the beneficiaries might have been unable to sit for their recently concluded semester examinations or even dropped out of school if not for the loan facility introduced by the Tinubu administration.

Commenting on the “town-and-gown” relationship of the institution, the VC disclosed that the Ogun State Governor, Prince Dapo Abiodun, alongside his Katsina State counterpart, Mallam Umaru Radda, as well as the Alake of Abeokuta and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo and the Olubadan of Ibadanland, Oba Rashidi Adewolu Ladoja, will be conferred with fellowship awards during the convocation ceremony.

Earlier, while declaring open the institution’s exhibition of some of the inventions made by the students at the Research and Development Centre (RESDEC) of the institution, Akinde lamented the Nigerians’ lack of confidence in homemade technology, stressing that such has, for a long period, been retarding the technological advancement of the country.

“You know Nigerians do not believe in indigenous technology, and until we do, we will not truly solve the technological needs of our industries,” he said.