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
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: How roadside foods endanger consumers’ life with trans fat in northern Nigeria
With an estimated 854,000 deaths in Nigeria, and 3,229 attributed to trans fatty acids (TFA) -related cardiovascular deaths, ADESOLA IKULAJOLU visited Nigeria’s...
INVESTIGATION: Untold story of Ondo oil producing communities battling poor health system
Access to quality healthcare is one of the nightmares of communities in Ilaje local government area of Ondo State. Despite...
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look...
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...