The Chairman, Folawiyo Petroleum Investment, Dr. Yinka Folawiyo has formally launched a zero-interest refundable minimum loan of Fifty Thousand Naira (N50,000) to empower small scale businesses in the Badagry area of Lagos State.
Speaking at the event which held on Wednesday 29th January at the Administrative Staff College of Nigeria (ASCON) Topo-Badagry, Dr. Folawiyo implored all potential beneficiaries of the zero-interest loan to maximize it for the growth of their businesses.
He therefore called on beneficiaries to ensure the money is not used for jamboree but rather to boost their businesses with the aim of refunding it in due time to ensure the continuity of the programme and give room for other beneficiaries in future.
CityMood reports the Project Manager of the Aje Micro Credit Scheme of Folawiyo Petroleum Investment, Mr. Babatunde Ajose, as saying the loan is not politically motivated, noting that it is not for indigenes alone but it is aimed at empowering all and sundry residing in the Badagry area for promoting economic growth in the region.
Reacting to this, President of Badagry Chamber of Commerce, Industry, Mines and Agriculture, Alhaji Fatai Shokunbi who doubles as the Chairman and CEO of Fams Embassy Suites, in his goodwill message, called on all and sundry to support the scheme as it is important for the economic growth of the region.
“Let us support Dr. Yinka Folawiyo, it is an important thing to do by building the future of our children, we may not be there but it will tell about us”. He said.
Also, the Oniworo of Iworo Kingdom, His Royal Majesty, Oba Friday Kosoko while delivering a goodwill message on behalf of other traditional rulers at the event aligned with others in appluading the scheme, stating that the traditional rulers will monitor the beneficiaries of the loan to ensure it is properly utilized.