University Don launches zero interest loan scheme

A university lecturer based in the United States, Dr. Olatunde Olusesi, has launched a zero-interest loan scheme aimed at supporting petty business owners.

The initiative, introduced at Itoku Market in Abeokuta on Monday, is part of the Ferefayo Empowerment Programme founded by Dr. Olusesi.

Dr. Olusesi, who celebrated his 60th birthday on the same day, dedicated the scheme to the memory of his late mother, Alhaja Anisat Amosa Olusesi, a successful trader at Itoku Market.

The Ferefayo Empowerment Scheme is the latest in Dr. Olusesi’s series of social entrepreneurship initiatives, which also includes his establishment of Lorranisa 11/11 Enterprises.

The scheme offers microloans of N25,000 to support small businesses, with repayment terms designed to be manageable for beneficiaries. In its first phase, the scheme will provide this amount to hundreds of beneficiaries as either starting capital or as a boost to existing businesses.

At the launch, Abolade Afeez, General Manager of Lorranisa 11/11 Enterprises, explained that there will be no initial deposit required to secure the N25,000 loan, which is offered at zero interest. Processing fees are also waived. Beneficiaries will only need to repay N20,000, with the remaining N5,000 being a grant.

According to Afeez, the first phase will see 130 people receive loans, and additional funds will be made available as more applicants come forward. Beneficiaries have up to a year to repay the loan.

Guest lecturer Elder Olugbade Ogunsiji, speaking at the launch, urged beneficiaries not to default, so that others may benefit from the scheme. He advised them to maintain repayment records, with a target of N500 weekly. Ogunsiji emphasized that the required N20,000 can be repaid in 40 weeks, given the repayment schedule.

Lorranisa 11/11 Enterprises is a non-governmental, non-partisan, and non-sectarian social enterprise that supports unemployed and low-income Nigerians.

In addition to providing loans to farmers and artisans, the organization offers job opportunities to transport workers and creates mutually beneficial business opportunities for investors.