The legislator representing Somolu Constituency 1, in the Lagos State House of Assembly, Hon. Rotimi Olowo, has empowered 20 constituents with the sum of N2million for the establishment of small scale business in the constituency and its environs.
Olowo explained that the constituents would continue to enjoy his financial gesture for business expansion, stressing that he had identified financial constraint as a great challenge to sustainable small scale businesses in the country.
The Lawmaker who disbursed the fund at the All Progressives Congress (APC) (Somolu LGA Chapter) on Thursday, in the presence of the Executive Chairman of the Local government, Mr. Abdulhameed Salau, former council chairman, Mr Omobolanle Bagosto, former executive secretary, Mr Biodun Orekoya and some party leaders and elders, pointed out that one of the ways through which poverty can be eradicated in the country, is to empower people economically for self reliance.
” I see it that empowerment is key to economic liberation and so, it will be proper for us to liberate those that are financially handicap to either start a business or sustain their business”, said the Lawmaker
” I have carefully selected beneficiaries of today’s financial empowerment. They are those that really need it and that will judiciously make use of it for business development and expansion. This programme will be monthly till everyone benefits, said Olowo
Olowo stressed that there is no need for repayment by the beneficiaries, promising that that another set of 20 people by next month would collect one hundred thousand naira (N100,000) each to start a business.
One of the beneficiaries, Alfa Lukmon Ismail, showered encomium on the lawmaker, stating that he did not expect the financial assistance.
Ismail further stated that he would use the fund to expand his business, adding that his business had been financially incapacitated for years.
Another beneficiary, Mrs Bose Fakunle, thanked the lawmaker for coming up with the empowerment programme, stating that some of them had been looking out for where to get fund to start business.
Fakunle added ” I thank Hon Olowo for this financial empowerment at this critical period. Some of the women who benefit from the programme have approached many microfinance banks for loan to start business but they could not get it because of the repayment conditions. But with this financial assistance, they are good to go”, said Fakunle