Ogun Warns Loan Beneficiaries Against Defaulting

Beneficiaries of the N1 billion loan scheme jointly floated by the Ogun State government and Bank of Industry have been reminded that the scheme is not a national cake, but a revolving credit that must be repaid promptly to ensure continuity.

Commissioner for Commerce and Industry, Otunba Bimbo Ashiru gave this reminder in Abeokuta at a meeting held with some of the beneficiaries who defaulted in their repayment schedule.

Ashiru, represented by the Special Adviser to the Governor on Commerce and Industry, Mrs. Tinu Sopeju said the reminder became important in order to sustain the scheme and ensure that the dreams of reducing poverty and creating wealth by beneficiaries who were small and medium scale industrialists were realised.

He pointed out that government intended to recover the loans in its entirety, so that others too could benefit, explaining that the meeting was not meant to witch-hunt or embarrass anybody.

“We want to recover hundred percent of the loan so that government can continue administering the loan for more people to benefit. We don’t intend to witch-hunt or embarrass anybody; we only want things to be done according to laid down regulations for the benefit of all” Ashiru declared.

The Commissioner added that government was not unmindful of likely developments which might adversely affect beneficiaries’ plans of repayment, but advised that when such unforeseen circumstances occur, they must inform the Ministry and other relevant officials promptly.

In their respective responses, representatives of the affected cooperative societies lauded government’s gesture on the scheme, saying their inability to repay as scheduled was regrettable.

They explained that the failure was occasioned by unforeseen circumstances and promised to do their best to prevent future occurrence.