Atlas Initiative Scheme, Ado Ekiti

A micro-finance group, Atlas Initiative Scheme, has run away with traders’ contributions. The company, located on Adamolekun Estate, Adebayo Road, Opposite Take Away Fast Food, Ado Ekiti, has voted with its feet, putting its office under lock.

One of the victims, Mrs Toyin Kazeem, narrated: “Atlas officials came to us, saying they wanted to lend us money. They said they wanted to lend us N100,000 each; they collected N16,000 from us each. It was group by group. Anyone that wanted to borrow N200,000 would pay Atlas, N32,000.
Since Saturday, we have been calling their numbers, their lines are dead. They have absconded. We dropped the money on a Friday and they promised to start disbursing the loans on 1 December. They organized seminar at AP Hall. We have a cooperative called Imole Ayo.”

There was another group of 12 members that paid Atlas N250,000. Another cooperative paid N300,000.

A widow in the video said her own group is made up of 10 members and they paid N16,000 each. “We expressed our fears to them but they assured us that they are not scammers. One of them swore by the Quran; another swore did with the Bible! I told them that I am a widow, trading to be able to take care of my children. I told them that I have no helper. They said ‘we are not into 419’. They said they would start giving us the loan on 1 December. We have their passbook.” Now they have disappeared.”

They used to come to groups every week.
Their lines (07038689142 and 08088754581) were dead when TheNEWS called.