Business
Community Tasks DISCO On Power Supply
Some artisans and residents of Magoro Community on the Lagos/Ibadan Expressway last Sunday urged the Ibadan Electricity Distribution Company (IBDEC) to restore electricity supply instead of making empty promises.
They spoke with newsmen on the heels of promise made by IBDEC to restore electricity to the area unfailingly last week after 11 years of darkness.
Our source reported that the community on the Magboro/Ibafo axis has about 100,000 inhabitants but has been in darkness with business activities on the low in spite of the population.
The community has in the past put up several measures to ensure that the electricity was restored but it was futile.
It will be recalled that sometime in March last year, the communities staged a protest on the busy Lagos/Ibadan expressway blocking the section of the road to press their demands.
There was, however, promises made by IBDEC to restore power back to the community which were not fulfilled.
The last promise was made in Abuja during the energy summit where IBDEC restated its commitment to restore power to the affected community last week.
However, with that hope that IBDEC will honour its promises, the ecstatic residents and artisans were expectant of the electricity only for their hopes to be dashed.
On noticing that IBDEC is not ready to put action to its words, the visibly angry artisans and residents called on the electricity distribution company to stop giving the community fake hope.
Some of the artisans noted that they had been subjected to untold hardships since the communities were thrown into more than a decade-long darkness which had paralysed business activities.
An artisan, who owns a welding shop in Magboro, Mr Kamal Odekunle, said that things were expensive in the community because there is no public power supply.
“People complain of our services being on the high side because we rely on electricity generator to power our equipment. How can we make ends meet with this perennial power outage?
“What we are hearing is that the power will be restored another time, it is tomorrow. We have tried all the power within us to get the electricity to no avail.
“Government has not shown enough commitment too, maybe they have the wrong notion that no serious economic activities can happen here. That is wrong.
“If the economic activities are on the right track here, government can come to collect taxes here and we will happily pay. This is a community of more than 100,000 people,’’ he said.
The Secretary of Magboro Community Development Association (CDA), Mr Fola Lasisi, said that the community had yet to have electricity due to multiple problems.
“The power issue with our area is due to multiple problems on the part of the contractor handling the project. We have no idea when all these will end.
“What we were briefed on was that the contractor and IBDEC are still working on the lines in which some faulty insulators were discovered.
“It was reported that the contractor that handled the project used substandard products, so, they are in the process of changing all the faulty insulators used by the contractor.
“IBDEC reported that they have provided about 1,200 insulators in which 800 had been used and the work has not yet finished. They should be around Mountain of Fire and Miracles Church now,’’ he said.
Lasisi said that the project would also accommodate other communities on the Lagos/Ibadan expressway, namely Ibafo and Mowe.
“The project is still going to Ibafo and then to Mowe so they are still working on the project.
“The promise made in front of the Minister of Power, Works and Housing, Mr Raji Fashola, cannot be depended on because of many underlining factors. That promise was just a wish.
“It is not solely IBDECs fault but that of the contractors handling the project. IBDEC only offer to provide equipment and personnel while the contractor will
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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.
Business
Yenagoa’s Radisson Hotel Ready December — NCDMB, Other
Business
RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing
-
News8 hours agoRSG Reiterates Commitment To Youth Dev
-
Business6 hours agoNSCDC Discloses Illegal Dump Site In Ikwerre Community
-
Rivers6 hours agoPolice Launch Community-Centred National Day Celebration In Rivers, Today
-
Business6 hours agoYenagoa’s Radisson Hotel Ready December — NCDMB, Other
-
Maritime6 hours agoMWUN Raises Alarm Over Port Security Lapses In Lagos
-
Environment6 hours agoFG Alls For stronger Partnerships, Women Inclusion In Water Governance
-
Rivers6 hours agoEducation Commissioner Lauds STAN Executive, Appreciates Support
-
Environment6 hours agoWDC: Rivers State Deputy Governor, Prof. Odu Call Inclusion Of Woman And Girls Decision Making
