Oba Olugbenle Urges Support For Government Efforts To Alleviate Economic Hardship (+photos)

ILARO-YEWA, OGUN STATE, NIGERIA – The Olu of Ilaro and Paramount Ruler of Yewaland, Oba (Dr.) Kehinde Gbadewole Olugbenle MFR, has called on those blessed with resources to support government initiatives aimed at mitigating economic hardship in Nigeria.

Oba Olugbenle made this appeal on Friday, May 24, 2024, while overseeing the presentation of cheques to 25 market women benefiting from his foundation, the Oba Olugbenle Foundation.

The monarch emphasized the importance of the privileged members of society remembering the less fortunate to enhance their quality of life.

He revealed that the One Year Interest-Free Revolving Loan was conceived by Engr. (Dr.) Olawale Adebimpe Ajayi, a board member of the foundation.

According to the initiator, the scheme is aimed to support petty traders, helping them stay in business and alleviating economic pressures.

“To start the scheme, I collaborated with the Iyaloja of Ilaro-Yewa, Alhaja (Chief) Mrs. Risikat Idowu, who identified market women she could vouch for,” said Oba Olugbenle.

He urged the beneficiaries to repay the loans on time to ensure the scheme’s sustainability.

The scheme initially began with 25 market women receiving Twenty-Five Thousand Naira each, all of whom repaid their loans.

Given the current economic challenges, the amount was increased to Fifty Thousand Naira for the second batch.

The third batch, scheduled for September, will include fifty market traders, who must have guarantors.

Oba Olugbenle announced that future batches would see increased loan amounts and would include market men.

He tasked his chiefs to identify more market traders who need the loan and can repay it promptly.

Chief (Mrs.) Adenike Akintade, the Iya Eto of Ilaro-Yewa, advised beneficiaries to honour their commitment to repay the interest-free loans to maintain the programme’s integrity and success.

Mrs. Bukola Ajisafe-Sodimu, speaking on behalf of the beneficiaries, expressed gratitude to Oba Olugbenle and Engr. (Dr.) Olawale Ajayi for the impactful initiative.

Mrs. Ajisafe-Sodimu praised the interest-free loan as a much-needed alternative to the exploitative loans typically available to market women.

She assured that beneficiaries would adhere to the scheme’s guidelines and prayed for continued blessings for the programme’s facilitators.

The cheques were presented to the beneficiaries by Chief Ebenezer Babajide, the Seriki of Ilu-Ata, Ilaro-Yewa; Chief Gabriel Ayinde Ajayi, the Osi Aguro of Ilaro-Yewa; Chief (Mrs.) Adenike Akintade, the Iya Eto of Ilaro-Yewa; and Elhadj (Chief) Abu-Satar Idowu Hamed, the Otun Baaroyin of Ilaro-Yewa.