Afenifere Hails Lanre Laoshe for Remarkable Repayment of 35-Year-Old Student Loan

Afenifere, the prominent pan-Yoruba socio-cultural and political organization, has commended former federal lawmaker Lanre Laoshe for repaying a student loan that was taken out 35 years ago. The loan, initially borrowed during his undergraduate years from 1976 to 1979, was settled in full on Tuesday, August 27, 2024.

Laoshe, who remains a dedicated member of Afenifere, repaid the amount of N3,189,217 to the Nigerian Education Loan Fund (NELFUND). This significant sum reflects the current value of the original N1,200 loan he received in 1979.

According to a statement from Afenifere’s National Publicity Secretary, Jare Ajayi, Laoshe’s repayment is deemed “exemplary” and highlights the core values of integrity and responsibility cherished in Yoruba culture. Ajayi emphasized that Laoshe’s actions are a practical embodiment of the Yoruba principle of Omoluabi, which underscores the importance of good character and ethical behavior.

To determine the present-day value of his loan, Laoshe used historical exchange rates from the Central Bank of Nigeria. Originally, the N1,200 loan was valued at $2,013.42, with an exchange rate of $1 to N0.596. With the current exchange rate of $1 to N1,583.98, the equivalent value today stands at N3,189,217.

Laoshe made the repayment through a bank draft issued by Polaris Bank Plc, expressing his gratitude to the Federal Government for supporting his education. Afenifere’s praise reflects their belief that Laoshe’s fulfillment of this long-standing financial obligation sets a high standard for societal conduct and serves as an inspiring example of ethical behavior.