Thugs disrupt TraderMoni scheme in Ilorin ahead of Osinbajo’s visit

Dec 7 2018 - 8:36am
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Tradermoni beneficiaries in Osun State

Hoodlums  invaded the Mandate Market in Ilorin, Kwara State, today,  scared  away petty traders and TraderMoni agents,  disrupting the disbursement of money  to beneficiaries of the scheme.
As  early as 9am, the hoodlums,   some of them wearing ‘PDP Atikulated T-shirts’, stormed the  Mandate Market, insisting that the TraderMoni scheme could not  be conducted, because the Senate President Bukola Saraki’s father  donated the land  to the state government to build the market.
It was not clear whether they were sent by anyone or whether they were mere party zealots, working on their own.
According to witnesses, including Bank of Industry (BOI) officials who were at the market to supervise the enumeration and disbursement of the N10,000 collateral free loans, the arrival of the mob at Mandate Market caused some  uproar.
The thugs  also intimidated the petty traders who had lined up to participate in the programme. Many of the traders were palpably  annoyed and refused to leave the market. Calm was restored with the intervention of the police.
At the Ipata Market, where enumeration and disbursement of the TraderMoni loans were also going on, market leaders reportedly rebuffed pressure from some officials  of the state, urging them to shun  the enumerators. The programme went on  without incident.
Officials of the Bank of Industry told  newsmen that enumeration had been going on in the  two markets in Kwara State in the last few days, without incident until today.
Vice President Yemi Osinbajo  is  expected in the markets on Friday December 7 .
TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP) under GEEP, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000.

The loans are repayable over a period of six months at which point the traders on repayment will receive a fresh N15,000 loan, which rises to N20,000 when repaid.

The microcredit scheme, which has since been formally launched nationwide and the FCT, is expected to reach two million petty traders by the end of the year.

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