Stanbic/IBTC partners LG on poverty eradication

The authorities of Akure South Local Government area of Ondo State, has partnered the Stanbic/IBTC bank plc to give loans to about 260 residents of the council area to start small and medium scale business.To achieve effective utilisation of the loan, the bank and the council has organised a three-day training for the beneficiaries of the loan scheme with a view to introduce to them new business opportunities.The chairman of the local government, Mr. Jide Akinjuyigbe, said the arrangement was put in place as part of the local government area's contribution towards poverty reduction mong residents of the state.He said, 'In our determined efforts to partner with the state government on the zero tolerance to poverty initiative, my administration has resolved to employ all available strategies including private sector partnership to remove poverty and penury from our people to enhance their socio-economic well-being'.He urged the beneficiaries to take the training programme seriously so that they would be able to judiciously manage the funds.Also speaking, the manager, Akure branch of the bank, Mr. Ayo Popoola, explained that each of the beneficiaries would be given between N100, 000 and N4.5 million as loans.Popoola said the people would go through a test at the end of the entrepreneurial training and that those with the highest score would be given the highest amount of money.The Deji of Akure, Oba Adebiyi Adesida, advised the beneficiaries not to spend the money to take care of their domestic needs.He said, 'You are not supposed to pay your children school fees with this money. You are not also supposed to give it to your spouse. It is meant strictly for business and should not be diverted to other usage.
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