Mr. Gbolahan Ogunleye, a member of the Lagos State House of Assembly representing Ikorodu Constituency I under the All Progressives Congress (APC), has disbursed N5 million in interest-free loans to the second batch of traders in his constituency.
Speaking during the presentation on Thursday, Ogunleye explained that the initiative is designed to empower grassroots businesses, particularly those run by women, and to help them achieve financial independence. The process was managed in collaboration with First Bank of Nigeria.
The lawmaker had earlier disbursed another N5 million to traders in Ikorodu Central in the first phase, bringing the total so far to N10 million and 97 beneficiaries. The latest phase covers traders in Ikorodu North. Ogunleye said the target is to extend the support to about 500 traders across the entire Ikorodu division, depending on their performance and repayment record.
Represented at the event by Mr. Kehinde Ayanbadejo, Secretary of the APC in Ikorodu Central, Ogunleye noted that the loans would ease the financial challenges faced by traders and enable them to grow their businesses. He urged beneficiaries to repay promptly so that more traders can benefit in future phases.
Princess Busola Isikalu, Iyaloja-General of Ikorodu Division, commended the gesture, stressing that it would help market women expand their businesses and contribute more meaningfully to the community. She assured that measures had been put in place to monitor repayment and reduce defaults.
Also speaking, Mrs. Kudirat Tigbobo, Iyaloja of Ikorodu North and a beneficiary, expressed gratitude on behalf of the traders. She cautioned her colleagues to use the funds judiciously and avoid frivolous spending to preserve the credibility of the scheme and ensure others also benefit.