Ekiti State Government has expressed its concern on the failure of beneficiaries to repay the about N1.6bn loan from the Central Bank of Nigeria and the Bank of Industry’s matching funds facility.
While playing host to Ecobank Plc Area Manager (Direct Banking) for Ondo, Ekiti, Osun and Kwara States, Mr Olumide Ajepe, the State Commissioner for Trade in Ekiti State, Muyiwa Olumilua, called on financial institutions to place high premium on training of people for proper understanding and essence of repayment before giving them credit facilities to do business.
Olumilua, who spoke in Ado Ekiti on Monday also warn beneficiaries of the credit schemes who were yet to repay their loans against further delay to avoid embarrassment and possible sanctions according to the law.
While advising the banks that provision of proper training to the beneficiaries of credit facilities would assist both the state and the financial institutions, he said “Repayment of the loans would also enable others to benefit from the scheme and thereby enhance the economy of the state.”
He said “Financial institutions that are giving credit facilities/loans should always earmark funds for the training of the beneficiaries so that they can have the full understanding of the purpose of taking such loans as it would aid financial intelligence of the beneficiaries”, he said.
Olumilua also emphasised the importance of monitoring and evaluation of the beneficiaries of such facilities, noting that proper monitoring and appraisal are very important for the business expansion.
Ajepe, said his visit was to work out a possible synergy and partnership between his organisation and the State Government on how to expand existing businesses in the state.
He revealed that his organisation had disbursed about N9m to 180 women of between the ages of 20 and 50 years across the 16 local governments in Ekiti State.