Hoodlums invaded the Mandate Market in Ilorin, Kwara State, yesterday and
scared away petty traders and TraderMoni agents, disrupting the
disbursement of money to beneficiaries of the scheme.
scared away petty traders and TraderMoni agents, disrupting the
disbursement of money to beneficiaries of the scheme.
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| File: VP Osinbajo taking TraderMoni to the market |
As early as 9am, the hoodlums stormed the Mandate Market, insisting that the TraderMoni
scheme could not be conducted.
scheme could not be conducted.
It was not clear whether they were sent by anyone or whether they were mere party zealots, working on their own.
According to witnesses, including Bank of Industry (BOI) officials
who were at the market to supervise the enumeration and disbursement of
the N10,000 collateral free loans, the arrival of the mob at Mandate
Market caused some uproar.
who were at the market to supervise the enumeration and disbursement of
the N10,000 collateral free loans, the arrival of the mob at Mandate
Market caused some uproar.
The thugs also intimidated the petty traders who had lined up to participate in the programme.
Many of the traders were palpably annoyed and refused to leave the
market. Calm was restored with the intervention of the police.
market. Calm was restored with the intervention of the police.
At the Ipata Market, where enumeration and disbursement of the
TraderMoni loans were also going on, market leaders reportedly rebuffed
pressure from some officials of the state, urging them to shun the
enumerators. The programme went on without incident.
TraderMoni loans were also going on, market leaders reportedly rebuffed
pressure from some officials of the state, urging them to shun the
enumerators. The programme went on without incident.
Officials of the Bank of Industry told newsmen that enumeration had
been going on in the two markets in Kwara State in the last few days,
without incident until today.
been going on in the two markets in Kwara State in the last few days,
without incident until today.
Vice President Yemi Osinbajo is expected in the markets on Friday December 7.
TraderMoni, which is part of the Federal Government’s Social
Investment Programme (N-SIP) under GEEP, is designed to assist petty
traders across the country expand their trade through the provision of
collateral and interest-free loans from N10,000.
Investment Programme (N-SIP) under GEEP, is designed to assist petty
traders across the country expand their trade through the provision of
collateral and interest-free loans from N10,000.
The loans are repayable over a period of six months at which point
the traders on repayment will receive a fresh N15,000 loan, which rises
to N20,000 when repaid.
the traders on repayment will receive a fresh N15,000 loan, which rises
to N20,000 when repaid.
The microcredit scheme, which has since been formally launched
nationwide and the FCT, is expected to reach two million petty traders
by the end of the year.
nationwide and the FCT, is expected to reach two million petty traders
by the end of the year.
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