600 traders get lawmaker’s N8m interest-free loan

The lawmaker representing Obokun constituency in the Osun State House of Assembly, Mr Adewumi Adeyemi, has launched an interest-free loan scheme worth N8m to be enjoyed by 600 traders selected from the constituency.

The lawmaker said the initiative aims to support small-scale enterprises at the grassroots level.

Adeyemi, while addressing journalists during the launch of the programme in Ibokun, announced the sum of N5m as the start-up capital for the initiative.

However, a sum of N2m was donated by Governor Ademola Adeleke’s elder sister, Mrs Modupe Adeleke-Sanni, and the Speaker of the State House of Assembly, Mr Adewale Egbedun, added N1m to the initiative.

He explained that the loan was in fulfillment of one of his campaign promises to make women in the constituency financially stable.

Adeyemi mentioned that the program is open-ended adding that they are starting with 600 women across Obokun, with the sum of N8m, “including the money donated by our mother and the Speaker. These women have been trained, and more people can join them as long as they are young women.”

“During my campaign, some ladies came together to work for me and after the election, I thought it’s best to do something for these people. The resources we have given them today are not going to be the end.

“By the time they manage this one effectively, we will be inspired to add more resources. The essence of this is to grow small-scale businesses. Instead of depending on politicians, we want to make them independent,” Adeyemi explained.

The Osun State Chairman of the Peoples Democratic Party, Mr Sunday Bisi, admonished the beneficiaries to make good use of the money.

“I want to encourage the beneficiaries to use the resources effectively. What the lawmaker is doing is keying into what our Governor Ademola Adeleke is also doing. It is one of the cardinal programs of the governor,” Bisi said.