Traders at Itoku Market, Abeokuta, have commended the Ferefayo Empowerment Loan Scheme for providing interest-free loans to small-scale business owners, as the initiative marked its second anniversary on Wednesday.
The anniversary coincided with the opening of 11/11 Kitchen, a new restaurant established by Lorranisa 11/11 Enterprises. Both events also marked the fifth anniversary of the company, founded by United States-based academic, Dr Olatunde Olusesi.
The Ferefayo Empowerment Loan Scheme was established in memory of Olusesi’s late mother, Alhaja Anisat Amosa Olusesi, who was a trader at Itoku Market before her death.
Speaking at the event, Alhaja Kudirat Mayanku, leader of the market’s clothes sellers, testified to the impact of the interest-free facility, saying it had helped traders expand their businesses and improve their working capital.
A beneficiary, Mrs S. Keshinro, said she had received a loan of N25,000 when the scheme commenced two years ago and currently had access to N50,000 under the arrangement.
The General Manager of Lorranisa 11/11 Enterprises, Afeez Abolade, said the loan ceiling had been reviewed upwards several times since the scheme began, rising from N25,000 to N30,000, then N50,000 and currently N70,000.
“We increased it to N30,000, then N50,000 and now N70,000, but those that have defaulted in repayment terms have not been considered for higher loans,” he said.
Abolade disclosed that 455 small-scale traders had benefited from the facility in the past two years, adding that most had complied with the repayment conditions.
He also said some members of the 1977/82 set of the Baptist Boys High School Old Boys Association, alongside other individuals, had contributed to the scheme, expanding the funds available for lending.
Beyond the microcredit facility, the enterprise operates the Lorranisa Tricycle Co-Ownership Programme (LTCOP), which incorporates a repair apprenticeship component.
According to Abolade, apprentices receive meals during their training and are provided with tools to begin operating upon completion.
“Between last year and this year, we’ve had more than 50 tricycle riders involved in the scheme,” he said.
The anniversary programme also featured free medical checks organised in partnership with Igbore Health Centre, Abeokuta. Health worker Mrs Florence Omolabake offered participants advice on healthy living, with particular emphasis on the importance of a balanced diet.
Participants underwent blood pressure and blood sugar tests. Omolabake commended the organisers for incorporating basic health services into the programme and advised attendees to undergo routine medical checks at least twice a year.
A lecture titled ‘From Freedom to Custody: Lessons from the Nigerian Correctional Service’ was delivered by Deputy Controller of Corrections K.A. Ojo, Officer-in-Charge of MSSC, Ibara, Abeokuta.
Ojo urged the traders to honour their loan repayment obligations and avoid unlawful conduct that could expose them to legal consequences and institutional sanctions.
“Obeying the law safeguards your peace and business,” he said.
The event ended with the presentation of N5,000 each to 75 elderly persons by Olusesi.
