Ex-Rep Laoshe Commended By Afenifere For Clearing 35-Year Student Debt

Ex-Rep Laoshe Commended By Afenifere For Clearing 35-Year Student Debt

The pan-Yoruba socio-cultural and socio-political organization, Afenifere, praised Lanre Laoshe on Friday for repaying a student loan he took out during his undergraduate studies from 1976 to 1979. Laoshe, an active Afenifere member, deposited N3,189,217.00 into the Nigerian Education Loan Fund (NELFUND) on August 27, 2024……CONTINUE READING

In a statement released by Afenifere’s National Publicity Secretary, Jare Ajayi, in Ibadan, Oyo State, Laoshe’s action was described as “very exemplary.” Ajayi explained that Laoshe issued a Polaris Bank Plc draft (No. 14670909) for this amount, expressing his gratitude to the Federal Government for supporting his education.

Ajayi detailed that Laoshe determined the current value of his original N1,200 loan by using historical exchange rates from 1972 to 1985 provided by the Central Bank of Nigeria. He found that in 1979, N1,200 was equivalent to $2,013.42. Using the current exchange rate of $1.00 = N1,583.98, Laoshe calculated the modern equivalent of N1,200 to be N3,189,217.00, which he then repaid to NELFUND.

Afenifere further highlighted that Laoshe’s repayment exemplified the Yoruba concept of Omoluabi, which reflects the values of integrity and responsibility expected in the community.

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