The Lagos State Employment Trust Fund Executive Secretary, Mr. Akin Oyebode, has revealed that in order to improve Lagos economy and get the teeming unemployed youths and others in the state fully engaged, Governor Ambode, in fulfilment of his electoral promises, had provided Funds for LSETF with which Lagosians could be empowered.
Mr. Oyebode stated this during a one day sensitization programme organized by LSETF at the Ikorodu Local Government secretariat on Wednesday, May 10, 2017. He said that so far, two billion and four million (N2,004,000,000) naira had been disbursed to over two thousand Lagosians to get them active in their chosen businesses and professions.
The Executive Secretary also explained that the LSETF loan is of three kinds, namely: the one that begins from fifty thousand naira to two hundred and fifty thousand naira; another one begins with one hundred thousand naira to five hundred thousand naira, while the last one starts from one hundred thousand naira to five million naira.
According to him, to access any of the loan, an applicant would need valid identity card- whether National Identity Card, Permanent Voter’s Card, Driver’s Licence or International Passport.
Others include one or two guarantors depending on the loan being applied for; LASRRA card; tax clearance certificate; passport photographs; Certificate of Qualification for a particular profession; statement of bank account or statement of previous loan taken elsewhere or thrift record card; company registration documents, as the case may be.
On how the loan should be paid back, he told the mammoth crowd at the secretariat that the loan only has five percent interest rate yearly. He said that apart from other loan seekers, the loan targeted at the unemployed youths, which start from fifty thousand naira to two hundred and fifty thousand. They would be given three months before starting to pay back.
Mr. Oyebode said that aside the youths, others applying for the loan must start paying back the next month after the month of collection. Those, who are starting their business newly would be registered by Lagos State Internal Revenue Service (LIRS) and would be given payer identity number with which they can begin to pay their taxes at a very reasonable period of time.
The Executive Secretary said that there was need for the loan to be paid back regularly so that others could benefit from it. According to him, it is only when one beneficiary pays back that another person can benefit from the fund too.
The Majority Leader, Lagos State House of Assembly, Hon. S.O.B. Agunbiade, who was present at the event urged his constituents and others to avail themselves of the opportunity provided by the state government to improve their businesses or get them established in order to improve their standard of living. He said that it is a loan processed without discrimination as long as the applicant resides in Lagos and his or her guarantor is also a resident in the state.
In a post event chat with Oyebode, who said that the sensitization would be taken to all local government areas in the State, he described Ikorodu as a very important division that has responded well to LSETF. He said that the programme was necessitated by the need to create more awareness and appreciate the support gotten so far.
In his words, “The process is open, transparent and free. They should please not think that this is a “paddy – paddy” loan. It is for everybody”, he said.
Also, President of Artisans, Ikorodu division, Comrade Michael Ogunlana and Chairman, Lagos State Blocks and Concrete Makers Association, Ikorodu zone, Otunba R. A Aleshinloye have commended Governor Ambode for providing funds for economic growth and human development in the state. They promised on behalf of their members not to let the state government down after getting the loan.
For more credibility, some residents who had gotten LSETF offer letters, displayed them at the event while Hon. Azeez Jumoh Olosugbo, Mr. Lambo Adewale and Mr. Adesanya Oguntanu were also introduced as LSETF representatives in Ikorodu division.
Dignitaries at the event included the Board Chairman, LSETF, Mrs. Ifueko Omoighi Oka-uru; LSETF Trustee, Comrade Michael Popoola Ajayi; CDC Chairman, Ikorodu Local Government, Alhaji Lukman Shonibare, and Otunba Adesola Omosanya Ajenomo; members of Lagos State Council of Trade men and Artisans (LASCTMA), among others.