Business
Displaced Squatters Count Losses To Ocean Surge
The displaced squatters at Kuramo Beach, Victoria Island,
Lagos, said on Thursday that they have lost all they had worked for to the
ocean surge and the state government.
They told our correspondent, in Lagos that their plight was
further compounded by the demolition of the remnants of their shanties by the
state government.
Mr Michael Ayeni, the spokesman of the squatters, said that
they would have salvaged what was left if the state government had served them
notice.
“The most painful aspect of the disaster was that the state
government did not give us any form of notification before the demolition took
place.
“We were still thinking of what to do after the ocean surge
swept lives and property into the sea in the early hours of August 18, when the
state government’s bulldozers came.
“We are more than 150 persons who derive our means of
livelihood at the beach, and for now, we don’t know where to start from because
we have lost all we worked for,” Ayeni said.
He said that they had not been able to quantify their losses
in monetary and material terms, because some of them were still missing.
Ayeni, who claimed to be a trader at the beach, appealed to
the Lagos State Government to provide alternative accommodation to the
displaced residents of Kuramo Beach.
“As you can see, we are still loitering around waiting to
see if the government will come to our aid.
“We are asking the government, as a matter of urgency, to
rescue us,” Ayeni said.
When our correspondent visited the beach about 100 of the
displaced squatters were seen in groups, ostensibly discussing the calamity
that has befallen then and what to do next.
Mr Michael Onuwaje, the Secretary of Kuramo Beach Tourism
Investors Association, told our
correspondent that he could not respond to any questions until after the
association’s meeting with the Eti-Osa Local Council chairman.
Efforts to obtain the council chairman’s comment on the
matter also proved abortive.
The chairman was said to be at a meeting with the state
governor at Alausa, Ikeja.
It would be recalled that the ocean surge at the waterfront
on August 18, swept 16 of the inhabitants into the sea.
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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