Business
Otedola, Lawan Are Criminals, Says Obasanjo
Against the backdrop of the bribery allegation between a member of the House of Representatives, Farouk Lawan and business mogul, Femi Otedola, over the fuel subsidy report, Chief Olusegun Obasanjo, has said both the giver and taker of bribe must be punished.
Speaking to newsmen, Obasanjo said, fighting corruption in Nigeria was not a one-night affair.
His words: “Fighting corruption is not a one-night affair. The givers of most of the corruption in Africa are from outside Africa. They do in Africa (things) they would not do in their own countries. In many parts of the world, we have a saying that the man who carries a pot of palm oil from the ceiling is not the only thief. He has an accomplice in the man who helps him to bring it down. The giver and the taker are criminals, and they should be treated as such.”
Obasanjo told newsmen that instead of saying Nigerian leaders lacked accountability, they should say they are corrupt.
“You are being euphemistic when you say lack of accountability. Call it corruption. There is no part of the world where corruption is absolutely eliminated. But in other countries corruption has not been a way of life. When you are found, you are dealt with. And that’s what we need.”
Obasanjo was in the United Kingdom to promote investment in Nigeria.
The former president who is working as a roving ambassador, facilitating firms’ entry into Nigeria and the rest of Africa said he believed that positive examples of business success would encourage avaricious minds to look for more legitimate routes to wealth.
He said: “I still believe in the opportunities that Africa affords to make legitimate money. Africa is one place I believe that if you are courageous enough, you get the money, you can invest and get 25 per cent return on your investment annually. There aren’t many places in the world where you can get that return.”
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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