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FG’s TraderMoni scheme enmeshed in Fraud allegations, illegal deductions

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Mike Daramola, a trader who deals in soaps and detergents at Sabo market, Ikorodu, Lagos, knew that the sum of N10,000, which the Federal Government was giving out in the first phase of the TraderMoni scheme, would not do much to boost his business; still, he had so much expectations and hope in the programme.

The beneficiaries, who receive an initial loan of N10, 000, will qualify to obtain further loans of N15,000, N20,000 and N50,000, if they don’t default in repaying the facility.

But Daramola’s high hopes in TraderMoni crashed, when, on qualifying to receive the initial N10,000 loan, he only got the sum of N8,000 – N2,000 less than the amount promised by the Federal Government. Disappointed, and worried about how he would still be expected to repay N10,000, according to the requirements of the scheme, Daramola took to the social media to voice his complaints.

Daramola was not the only one to be short-changed in the TraderMoni scheme, as discovered in further investigations by The PUNCH correspondent. Many other beneficiaries, all petty traders, had N2,000 deducted from the ‘loan’ extended to them by the Federal Government.

The PUNCH correspondent discovered that the ‘deductions’ were rampant among the beneficiaries in Sabo market, Ikorodu, where Daromola has his soap and detergent shop. He could not hide his disappointment in the TraderMoni scheme when The PUNCH correspondent spoke with him at the market on Wednesday.

The PUNCH, December 15, 2018

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