Folawiyo petroleum establishes micro credit scheme in Badagry

Written by O'News Blog

The management of Yinka Folawiyo Petroleum Company Ltd. on Monday said it had established Aje Micro Credit Scheme in Badagry in order to give back to communities in the area.
Mr Babatunde Ajose, the Project Manager of the company disclosed this during a visit to the palace of Akran of Badagry, Aholu Menu Toyi I Badagry.
He said that the scheme was not just for Badagry town alone, as eight other communities where Aje oil operated would benefit from the scheme.
“Aje micro credit scheme is an interest-free and collateral-free loan for petty traders, artisans and young school leavers.
“Apart from financial benefit these people will gain, we are also doing a capacity training program on how to develop their markets and businesses.
“We want to give them financial intelligence on how they can be self-sustained.
“What Folawiyo is doing now is not just give them money, but we want the people to make impact and give them sense of inclusiveness,” he said.
Ajose said that his team would be going from community to community in Badagry kingdom, reaching out to people directly in order to benefit from the scheme.
He said the credit scheme was a revolving loan, as once a beneficiary repays, he gets a chance to get higher one.
Ajose said that under the scheme, which would commence in January 2020, beneficiaries would be given between N50, 000 and N100,000, and as time goes on, the amount would increase.
Responding, the Akran of Badagry commended the company for coming out to assist his people with the credit scheme.
He urged his people to make the best use of the scheme, advising them to ensure that they pay back the loans so that other people could benefit from it.
The Nigeria News Agency had reported that traders, artisans, commercial motorcycle riders and representatives of some other groups were in attendance.

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