The Nation Newspaper

Tag: Dr. Olatunde Olusesi

  • Beneficiaries laud U.S.-based don’s loan scheme at anniversary celebration

    Beneficiaries laud U.S.-based don’s loan scheme at anniversary celebration

    Beneficiaries of the Ferefayo Empowerment Loan Scheme have praised 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 beneficiaries gave the commendations during the maiden 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, the General Manager of Lorranisa 11/11 Enterprises and the Ferefayo Empowerment Programme, Abolade Afeez, 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).

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    Afeez said: “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, stated that a separate N1 million loan facility provided by Dr. Olusesi for clothes merchants had “greatly boosted” their trade.

    The guest lecturer, Elder Olugbade Ogunsiji, applauded the initiative but urged its beneficiaries to adhere to repayment schedules.

    He said defaults hinder others from accessing the revolving fund. The guest lecturer 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.

  • U.S-based don launches zero interest loan scheme

    U.S-based don launches zero interest loan scheme

    A United State of America-based university teacher, Dr. Olatunde Olusesi, has launched a zero-interest loan scheme for petty business owners.

    The scheme, which was launched on Monday at Itoku Market in Abeokuta, the Ogun State capital, is part of Dr. Olusesi’s Ferefayo Empowerment Programme.

    The initiator, who turned 60 on the launch date, explained that the scheme is in the memory of his mother, Alhaja Anisat Amosa Olusesi, a successful trader at Itoku Market.

    The Ferefayo Empowerment Scheme is the latest in the series of social entrepreneurship initiatives of Dr. Olusesi, who founded Lorranisa 11/11 Enterprises.

    The empowerment scheme comes as a micro loan of N25,000 for petty businesses and has the repayment terms made light to lessen the burden on beneficiaries.

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    The scheme is structured to provide N25,000 to hundreds of beneficiaries in the first phase as starting capital or a boost fund for minimal scale business ventures.

    At the launch, the General Manager of Lorranisa 11/11 Enterprises, Abolade Afeez, explained that there would be no initial deposits to secure the N25,000 loan, which also comes at zero interest rates.

    Processing the fund also comes free.

    The beneficiaries are also required to repay only N20,000 as full repayment sum, with the remaining N5000 being a grant.

    Beneficiaries, according to the general manager, include sellers of sachet water, vegetables, condiments and fruits.

    Afeez said 130 people would get loans in the first phase, while more funds would be made available as the number of applicants increases. Beneficiaries have up to a year to repay the loan, he said.

    A guest lecturer at the launch, Elder Olugbade Ogunsiji, advised the beneficiaries not to default so that others could benefit.

    He added that they should keep repayment records of N500 weekly.

    Ogunsiji said it would take only 40 weeks in a year to repay the required N20,000 out of the N25,000 loan, if beneficiaries stick to the repayment schedule.

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

    It also provides mutually beneficial business opportunities to investors and has created jobs for transport workers, besides providing loans to farmers and artisans.