Hardship: Afe Babalola Begins Low-Interest Loan Scheme For Private Business Owners

…as Ado Ekiti celebrates Legal icon

In an attempt to tackle economic dwindling and for private business owners to grow and quench hardship in the land, the founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola, has introduced an N200 million loan scheme in Ekiti.

No fewer than 2,000 registered members of cooperative societies in the state would benefit from the scheme, according to the elder statesman

Babalola who spoke on Friday in Ado-Ekiti, the Ekiti State capital, announced that the 5% interest rate loan will enable members of the cooperative societies to establish their own businesses without relying on government dividends.

He said, “There is no doubt there is hunger in the land. This is because we consume more than we produce. It is not the duty of the government to produce and distribute food to citizens. I feel worried and ashamed when I see people queuing up for food.

“I have taken up this challenge due to my experience as a cooperative inspector. I have incorporated two cooperative societies, one for men and one for women. Each of these societies will receive N100 million today in bank drafts to enable registered members to apply for loans to start their businesses.

“This sum of N200 million will provide loans for 2,000 people at a minimum of N100,000 per person. Members will only pay 5% interest on the loan to the cooperative society, compared to over 20% charged by banks.”

The ABUAD founder appreciated the Ewi of Ado-Ekiti, Oba Rufus Aladesanmi, for declaring October 18 as Afe Babalola Day in recognition of his achievements in law, education, health, community development, agriculture, and humanitarian efforts.

Babalola described the day as a significant moment in his life, adding that the recognition has given him a renewed challenge to continue prioritizing the welfare of humanity.

Oba Aladesanmi in his response explained that the Afe Babalola Day Declaration, which will be celebrated annually, honours Babalola’s immense contributions to education, legal excellence and advocacy, philanthropy, community development, health, and agriculture, among other fields.

The traditional ruler emphasized that Babalola’s unwavering commitment to hard work and service to humanity has made remarkable contributions to Ekiti State and the world at large.

He called on residents to emulate Babalola’s nation-building ethos towards the advancements of the society.

Human rights lawyer and activist Femi Falana at the event described Afe Babalola as” an exceptional individual who has excelled tremendously in his career.”

Falana noted that the establishment of Afe Babalola University, Ado-Ekiti (ABUAD), is one of Babalola’s landmark efforts to ensure that quality and functional education is accessible to all.

The event was graced by personalities within and outside the Country.