Ekiti State Government has again raised concern on the failure of
beneficiaries to repay the about N1.6Billion loan from the Central
Bank of Nigeria and the Bank of Industry’s Matching Funds Facility.
Speaking while playing host to the Ecobank PLC Area Manager (Direct
Banking) for Ondo, Ekiti, Osun and Kwara States, Mr. Olumide Ajepe,
the State Commissioner for Trade and Industry in Ekiti State, Aare
Muyiwa Olumilua, has therefore called on financial institutions to
place a high premium on training of people before giving them credit
facilities to do business.
Aare Olumilua stressed that providing proper training to the
beneficiaries of credit facilities would assist both the state and the
financial institutions to ensure repayment of loans without stress to
all parties while also boosting the State’s economy.
“Financial Institutions that are giving credit facilities/loans should
always earmark funds for the training of the beneficiaries, so that
they can have the full understanding of the purpose of taking such
loans as it would aid financial intelligence of the beneficiaries”, he
said.
Olumilua also emphasized the importance of monitoring and evaluation
of the beneficiaries of such facilities, noting that proper monitoring
and appraisal are very important for the business expansion.
He said that his ministry will make provision for facilitators who
would train the intending beneficiaries of the credit facilities.
He warned beneficiaries of the credit schemes who were yet to repay
their loans against further delay to avoid embarrassment and possible
sanctions according to the law, adding that repayment of the loans
would also enable others to benefit from the scheme and thereby
enhance the economy of the State.
In his remarks, Ecobank Area Manager, Mr. Olumide Ajepe said his visit
was to work out a possible Synergy and partnership between his
organization and the State Government on how to expand existing
business in the state.
He said that his organization had disbursed about 9 million naira to
180 women of between the age of 20 and 50years across the 16 local
governments in the state.
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