Lawmaker offers interest-free loans to traders in Lagos

Mr Gbolahan Ogunleye, a member of the Lagos State House of Assembly (APC-Ikorodu 1) on Friday disbursed interest-free loans to traders in his constituency.

Ogunleye said that the loan would assist traders in their businesses, uplift his constituents and improve their socio-economic well-being.

The Newsmen reports that the lawmaker collaborated with First bank of Nigeria to manage the process.

According to him, the first phase of the revolving loan, which started from his constituency, will be spread to other market traders in the entire Ikorodu division.

“Providing an interest-free loan to market women is borne out of the need for me to help the traders in form of capital to help their businesses.

“This is in fulfilment of a campaign promise to set aside an amount to be used as revolving interest free loans to traders in my constituency.

“After discussion with Iyaloja general, we reached an agreement and came up with today’s event,” he said.

The lawmaker said he would use his position as a state legislature to render selfless service and impact positively on the lives of his constituents in Ikorodu.

Ogunleye tasked the beneficiaries on judicious use in order to return the principal as quickly as possible so that others would benefit.

“Mechanism has been set up to monitor the disbursement to traders to address the issue of no refund,” he said.

Princes Busola Isikalu, Iyaloja general of Ikorodu division, commended the lawmaker for his gesture, saying it would provide the beneficiaries with the needed financial support to expand their businesses.

Isikalu warned beneficiaries to ensure they fulfil their promises on refund so that more people would benefit.

She said that defaulting traders would be sanctioned.