FG, BoI support traders with interest-free loans - Naijaray
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FG, BoI support traders with interest-free loans

The Federal Government and the Bank of Industry on Tuesday gave out interest-free loans to traders in various markets across Lagos .

The loan facility, tagged ‘Market Moni’ and ‘ Trader Moni’, would see petty traders receive between N10 , 000 and N100,000 to support their businesses, which they can pay back within a period of six months from the date of receipt.

Speaking during the commencement of the initiative at the Ojuwoye Market in Mushin, Lagos , the Executive Director , BoI , Toyin Adeniji, said the move would empower market men and women to expand their businesses, and contribute to the overall growth of the national economy through a significant rise in commercial activities.

While explaining that the scheme was targeted at a minimum of two million beneficiaries in the coming weeks and months , Adeniji said that traders needed not to know anybody at the BoI to access the interest -free loans.

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She said , “We have taken down the data of traders in all the markets we have visited .

The idea is to use this to track those who collect these loans. We are transferring these funds directly to the mobile phones of beneficiaries , who in turn can then go to cash out from any Automated Teller Machine around the market they operate or transfer it straight into their bank accounts .

“ For instance , when a trader collects a N10 ,000 loan , they have six months to pay back. After then, they qualify for a loan of N15 ,000. When that is paid back, they qualify for N20 , 000 loan .

After that, they can cross from ‘ Market Moni’ to ‘ Trader Moni’ , which starts from N50 ,000.

“ This is a national programme that will give traders across the country equal opportunity to access loans. It is an empowerment scheme from the Federal Government aimed at helping petty traders expand their income levels . ”

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The Chief Operating Officer , Government Enterprise and Empowerment Programme , Uzoma Nwagba , while explaining that the initiative was part of the Federal Government ’ s financial inclusion drive, said the loans had been made flexible to accommodate as many petty traders as possible.

According to him , the exercise will be a continuous one in markets across the country with agents stationed in such places to educate small business owners how to take advantage of it.

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Elegushi, Olofa, Others Storm Out of Iwo Day


The annual Iwo Day celebration in Iwo Osun State ended in an abrupt manner on Saturday as the royal father Oluwo of Iwo stormed out of the venue apparently in anger.
Others who left the event angry were the Oba Saheed Elegushi, the Olofa of Offa, and the Akarigbo of Remo.

Trouble started when a former Secretary to the State Government in Osun Mr. Moshood Adeoti led some of the members of his party Action Democratic Party to the event in a manner considered by many to be disruptive to the programme.

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The monarch was said to have instructed that since the programme had started and with the venue jam packed no vehicle should be allowed to drive into the venue again.

However despite the directive a big bus which was branded in the campaign colours of a Senatorial Candidate on the platform of the ADP, Prince Dotun Babayemi, forced its way into the crowd and caused a lot of stampede.

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Revealed: How Buhari Got N260,000 Bank Loan To Build First House As Head Of State


Those who claim to know Buhari very well, praised him for his Spartan nature, saying he remains the same man that he was many years ago despite presiding over billions of Nigeria’s cash.

Details of how President Muhammadu Buhari applied and got bank loan of N260, 000 to build his first and only house in Kaduna, have emerged, with some Nigerians questioning whether his Spartan life of 1984 when he served as head of state is still the same as the current Nigeria’s president.

The bank document, which Saturday Vanguard got exclusively, shows clearly that Buhari had resorted to taking a bank loan to be able to build his first house in Kaduna, having not been able to raise enough cash for such a project through all other means.

After applying for the cash, which came with interest, Buhari, a Major General in the army at the time, accepted all the terms and conditions imposed by Union Bank, which provided the N260,000 loan to him and laid out the conditions attached to the offer.

In the loan document dated June 1, 1984, and addressed to Major General Muhammadu Buhari, Head of State and Commander-in-Chief, Dodan Barracks, Lagos, the bank made it clear that the loan was approved for the building of his house.

The letter signed by one M. D. Yusif, who was the manager of Union Bank at the time, the bank said: “Dear sir, we are pleased to advise that the bank has agreed to renew your facility as follows: Building Loan-N260,000, has been marked for review on the 2nd of March 1985 but in accordance with the normal banking practice; it is repayable on demand and subject to review or withdrawal at any time the bank’s option.

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“Interest will be charged for the time being, at the rate of 11 percent per annum with monthly rents. Commission on turnover will be charged at 20 percent.

“The facility has been renewed subject to the following conditions: All the security items have been holding before now continue to support this lending and ordinary account should be kept strictly on creditor’s basis while loan outstands.

“Kindly signify your acceptance of the terms and conditions of the renewal by signing and returning the duplicate copy of this letter,” M. D. Yufif, said.

But as it appeared that Major Gen. Buhair was desperately in need of the loan, he quickly signed and returned the letter to Union Bank, which immediately released the cash to him for the building project in Kaduna.

Although this gesture has given out Buhari as a man of Spartan nature, many Nigerians are unconvinced if he would have take the loan today, given that he has made a lot of money from being the president of Nigeria for almost four years and surrounding himself with people who are said to be money-conscious and ready to do anything to get rich quick.

However, those who claim to know Buhari very well, praised him for his Spartan nature, saying he remains the same man that he was many years ago despite presiding over billions of Nigeria’s cash.

A Kaduna-based politician, Aliyu Musa, who claims to have know Buhari from childhood, told Saturday Vanguard in Kaduna on Friday that Buhari remains incorruptible despite all the posts he has held and the passage of time given his austere background and fear of God not to dip his hands into public till.

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“We, who are Buhari’s friends, are proud of him and we will continue to vouch for him as an honest, contented and sincere leader who is not driven by ill-gotten wealth and that is why he went for commercial bank loan to build his first house instead of looting the public treasury as most leaders would have done.

“We know that despite being Nigeria’s president at a time when everybody wants to steal and enrich themselves, Buhari will remain steadfast to his creed not to steal a kobo from the peoples treasury,” Musa stated.

But second republic lawmaker, Junaid Mohammed, told Saturday Vanguard that Buhari might not be corrupt by taking money from the public till but has thrown himself into the ring by surrounding himself with questionable elements, who do not believe in his anti-corruption war.

“We want Buhari to do away with nepotism and retainership of a cabal that does not work in the interest of Nigeria because corruption extends beyond stealing public funds to conferring undue advantage on a particular set of people and tribe at the expense of other groups,” Junaid said.

Source: Vanguard

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Two Children Killed As Car Crashes Into A Mosque In Plateau


Two little children have lost their lives in an unfortunate accident after a car rammed into a Mosque.

A J5 Peugeot has killed two three-year-old children after crashing into a mosque in Plateau state.

The victims were participating in the Muslims’ Friday Juma’at prayers at the Yelwa- Shendam Central Mosque, in Shendam Local Government Area of the state.

Witnesses said the incident occurred as the prayer was closing.

Abdullahi Salihu, the chief Imam of the mosque, told PREMIUM TIMES on the telephone that two women were seriously injured.

“Yes, the incident had occurred,” he said. “Two minors have already died while two other women were critically injured and have been rushed to a hospital for treatment.

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“I was inside Mosque when the incident occurred but later came out to see for myself what has happened. We also calmed angry youth who wanted to burn the car. The driver of the car is safe and nothing will happen to him, ” the chief Imam said.

The cleric gave the names of the deceased as Khadija Dayyabu and Muhammad Kabiru.

He added that the funeral prayer would be observed immediately according to Islamic rites.

The car, which was fully loaded with firewood, reportedly suffered a brake failure which led to the accident.

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Police spokesperson, Tyopev Terna, did not immediately respond to the phone calls and text messages to his phone.

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