Beneficiaries laud US-bsed Don’s loan scheme at first anniversary celebration

Beneficiaries of the Ferefayo Empowerment Loan Scheme have commended its founder, Dr. Olatunde Olusesi, a United States–based university teacher, for transforming small-scale trading at Itoku Market, Abeokuta, through his zero-interest microloan initiative.

The commendations came on Tuesday, November 11, during the first anniversary celebration of the scheme, held under the Itoku Market bridge, venue of the annual Lorranisa 11/11 Day Celebration.

Launched last year on Dr. Olusesi’s 60th birthday, the loan scheme was established in memory of his late mother, Alhaja Anisat Amosa Olusesi, a successful trader at the same market before her passing in May 2024. The scheme, now an integral part of the Ferefayo Empowerment Programme, provides petty traders with N25,000 microloans on flexible repayment terms.

Speaking at the event, Abolade Afeez, General Manager of Lorranisa 11/11 Enterprises and the Ferefayo Empowerment Programme, described this year’s celebration as “especially significant” for marking the first anniversary of the loan scheme and the fourth anniversary of the Lorranisa Tricycle Co-ownership Programme (LTCOP).

According to him, “Both initiatives are aimed at helping low-income earners achieve sustainable livelihoods. While the microloan scheme targets traders, the tricycle programme enables members to co-own tricycles and pay gradually.”

Several beneficiaries testified to the positive impact of the scheme. Mrs. Keshinro, who represents a group of ready-made clothes sellers, said her cooperative group had successfully repaid their first loan and nearly completed payment on a second. “We’ve seen real progress in our businesses because of this opportunity,” she said.

Another trader, Kudirat Omotayo Ibrahim, representing the Itoku Market clothes sellers’ association, disclosed that a separate N1 million loan facility provided by Dr. Olusesi for clothes merchants had “greatly boosted” their trade.

Guest lecturer, Elder Olugbade Ogunsiji, praised the initiative but urged beneficiaries to adhere to repayment schedules, stressing that defaults hinder others from accessing the revolving fund. He also advised traders to cultivate a savings habit for long-term financial security.

The celebration also featured free health checks in partnership with the Ogun State Health Centre, Oke-Ilewo, where attendees underwent blood pressure, sugar, malaria, and hepatitis tests. In addition, the Federal Road Safety Corps (FRSC), represented by Adesanya Ademola of the Ibara Housing Estate Command, delivered a lecture on road safety ahead of the festive season.

Afeez revealed that over 300 people have benefited from the loan scheme since inception, expressing gratitude to contributors and investors, including the Baptist Boys’ High School Old Boys Association, for their support.

The event concluded with cash gifts to elderly attendees, marking a day of gratitude and renewed commitment to community empowerment