Revolving Loan: Oyo issues one month ultimatum to defaulters
NAN-HE-4
Loan
By Akeem Abas
Ibadan, March 21, 2017 (NAN) Oyo State Government has directed defaulters of CBN Micro Small Medium Enterprise Development Fund (MSMEDF) revolving loan to repay before the end of April.
Mr Yinka Fatoki, Executive Secretary, Bureau of Investment Promotion (BIP), gave the ultimatum on Tuesday after a meeting with the heads of market associations in the state.
The News Agency of Nigeria (NAN) reports that the CBN MSMEDF revolving loan was facilitated by Oyo State Government to support small and medium enterprises in the state.
NAN reports that the state government, had in Dec. 2014 through SEAP Micro-finance Institution, disbursed N350 million under the scheme.
Fatoki said the sum of N350 million disbursed to 7,000 beneficiaries from December 2014 to January 2015 with 12 months tenure were yet to be recovered for consequent roll over.
He said that only N196 million had been recovered from the amount disbursed, urging defaulters to pay before the end of April.
“It is when the defaulters pay that others yet to benefit would through another disbursement.
“We don’t want beneficiaries to deprive others access to the loans too,’’ he said.
Fatoki said that the intention of Gov. Abiola Ajimobi was to ease the access to affordable finances by small and medium scale traders.
According to him, “the ultimate intention of government is to cushion the economic hardship of traders and improve their working capital.
“It is also with the aim of rolling over and over to others.’’
Mr Laniya Olawale, the Operations Manager, SEAP Micro-Finance Institution, Ibadan, also appealed to defaulters to repay the loan for others to benefit.
“We have observed that most of the beneficiaries have been defaulting because they saw any fund provided by the state government as their share of national cake,’’ he said.
Olawale said that the loan was aimed at making finances available to the traders and to enhance economic development of the state.
Alhaji Daud Oladepo, President, Ibadan Joint Traders Association, pledged that they would work with all concerned to recover the money.
Oladepo said that they knew all the beneficiaries and the defaulters, adding that they would ensure that all defaulters paid before the end of April. (NAN)
TAA/FF/TA
Edited by Fela Fashoro/Tajudeen Atitebi