Senator Abiru launches Lagos East 6% per annum constituency revolving loan for MSMEs

Senator Wahkil Adetokunbo Abiru, on Thursday, launched a Lagos East Senatorial 6 percent per annum interest constituency revolving loan for the “Ministry of Micro, Small & Medium Enterprises (MSME),” starting with the minimum of N10,000 to the maximum of N1m.

The event took place at the Funplex Event Centre, 20, CMD Road, Ikosi-Ketu, Lagos to embrace MSME business owners through a sustainable financial partnership with Bank Of Industry, Lagos State Employment Trust Fund (LSETF), and Small & Medium Enterprises Development Agency Of Nigeria (SMEDAN).

The program effectively started at noon with a series of dignitaries who were presented by Barrister Jimoh Hamzat, starting from The Governor’s Advisory Council (GAC) Member; Prince Abiodun Ogunleye JP, Asiwaju Ruben Olorunfunmi Bashorun, and Cardinal James Odunmbaku. The First Citizen of Lagos State, His Excellency Governor, Mr. Babajide Olushola Sanwoolu duly represented by The Lagos State Government Chief Of Staff, Mr. Gboyega Shoyanwo, The Lagos State APC Party Secretary, Hon. Sunmi Olarewaju Odesanya, The Lagos East Senatorial APC Woman Leader, Mrs. Wonuola Oshinowo, The Chairman Of The Day, Hon. Olawale Edun, Welcome Address by Deji Abisola, Opening Address by Executive Secretary LSETF, Goodwill Messages by The Managing Director of The Bank Of Industry, Director General, SMEDAN, and Dr. Muda Yusuf; The Keynote Speech was made by Senator Mukhail Adetokunbo Abiru, FCA while Presentation of some beneficiaries took place before the vote of Thanks by Otunba Dr. Saheed O. Ibikunle

In attendance was The Executive Chairman of Ikorodu Local Government, Hon. Wasiu Ayodeji Adesina; Ikorodu Divisional APC Party Chairman, Otunba Olasunkanmi Tijani; Ikorodu central APC Party Chairman, Hon. Waheed Oladimeji Animashaun, Igbogbo Bayeku LCDA, Party Chairman, including some other party Chairmen under the Lagos East Senatorial District, The Former Sole Administrator Of The Ikorodu Local Government, and The LAHA APC Candidate, Hon. Ogunleye Gbolahan Adetokunbo (OGA), Hon. Jino Olorunwa Oshodi including all the Council Of Obas, Chiefs, and the Stakeholders of the Lagos East senatorial district; Oba Kabiru Adewale Shotobi duly represented by a Chief; The Adeboruwa Of Igbogbo, Oba Semiu Orimadegun; The Obateru Of Egbin, Ijede, Oba Adeoriyomi Oluwasesan Abdul-Akeem Oyebo (ARPA), Ademoyebo 111; The Sekumade of Ipakodo, HRM Oba (Engr.) Bashiru Aremu Shotonwa; Oba

The Executive Secretary, Lagos State Employment Trust Fund (LSETF) in his opening address, announced, that MSMEs in Nigeria are very important and very integral to the growth of the Nigeria economy, as they contribute 50% of our GDP, and 80% of employment in the country, we stand a chance of changing this country, if well supported and have an enabling environment, to drive, especially access for cheap ones, for business growth and expansion. We hereby discovered, that because of the unstructured of the MSME, they were unable to get a commercial bank loan to expand their businesses, which result in loan shape that lean to them at the exorbitant rate of interest, ranging from 6% per month to 30% per month, that is about 72% per annum and 360% per annum, which is triple highly unsustainable.

The Distinguished Senator in partnership with faith foundation and standard Chartered Foundation organize a one-day MSME clinic/workshop for over 1000 MSMEs drawn across the 98 wards in the 16 LGA & LCDA in the Lagos east senatorial district, The training attracted executive leadership of business relative regulation agencies and partners, such as Bank Of Industry, SMEDAN, CAC, Inland Revenue, NAFDAC, Standard Organisation of Nigeria and Lagos State Employment Trust Fund (LSETF) among others who trained the MSMEs on various areas of business and also answer some of the practical questions during the one on one section. It was a capacity building building clinic indeed. In addressing the dept of knowledge which is one of the major reason why msme fail.

A knowledge far, which contains seven valuable books, which contains areas like, financial management, Human capital, Legal, Strategy, Marketing and Communication, Digital Technology, and Tax management, which are authored by the reputable cooperations, such as deluis, KPMG, Veraki among others were giving free of charge by the distinguished senator, over 1000 participant at that event. The participant also received enterprise certificate after the training. At the said event, The distinguished senator promised that he will do all within his power to setup a constituency revolving loan at single digit, that is 6% in a year as interest where he commited instantly to the sum of N100m in which the managing director of the bank of industry in his speech also committed the same N100m.