The scheme owned by the Yinka Folawiyo Petroleum Co. Ltd., is to offer small loans to the beneficiaries under the umbrella of association within Badagry communities.
Launching the scheme, Mr Babatunde Folawiyo, Chairman, Yinka Folawiyo Petroleum Co. Ltd., said that the scheme was aimed at providing loans to residents of Badagry based on agreed eligibility parameters.
According to Folawiyo, through the scheme, members of the community will be able to invest better in trading activities and as a result achieve economies of scale.
“We consider business, individual and many other criteria in determining who benefits from the scheme.
“The scheme is designed to support community members to meet their socioeconomic needs,” he said.
The chairman said that the scheme was set up to support the company’s philanthropic priority initiatives by giving back to the society.
“We hope to improve company’s social standing in the Badagry, Lagos State and Nigeria and improve the company’s brand reputation as an oil company and protect it against risks.
“The use of financial services by low-income households is associated with improvement in household economic welfare and enterprise stability or growth.
“By supporting women’s economic participation, microfinance helps to empower women, thus promoting gender-equity and improving household wellbeing as part of why the scheme was created,” he said.
Folawiyo urged residents of Badagry communities to take advantage of the scheme and pay back at the right time.
In his remarks, Mr Babatunde Ajose, Project Manager of the credit scheme, said the scheme was for people of Badagry Town and eight other communities where Aje Oil was operating.
Ajose said the scheme was an interest-free and collateral-free loan for petty traders, artisans and young school leavers.
“Apart from financial benefit these people will gain, we are also doing a capacity training programme on how to develop their markets and businesses.
“We want to give them financial intelligence on how they can be self-sustained.
“What Folawiyo is doing now is not just give them money, but we want the people to make impact and give them sense of inclusiveness,” he said.
Ajose said that his team would be going from community to community in Badagry Kingdom, reaching out to people directly for them to benefit from the scheme.
He said the credit scheme was a revolving loan, as once a beneficiary repays, he gets a chance to get higher one.
Ajose said that under the scheme, beneficiaries would be given between N50, 000 and N100, 000 and as time goes on, the amount would increase.
Also, Alhaji Fatai Shokunbi, Chairman, Badagry Chambers of Commerce, Industry, Mines and Agriculture (BACCIMA), urged the beneficiaries to make use of the money to develop their businesses.
Shokunbi urged them to pay back the loan promptly to allow other residents to benefit from it.
