LAPO HIGH RATE CHARGES LEADS TO POVERTY IN THE LAND Federal Government agency in charge of MACROFINANCE or a body which is empower by government to give soft loan to small scale business under poverty alleviation should as a matter of urgent and public interest visit the interest rates of borrowing by some of these banks who are involve in giving soft loans to market men/women. The rates at which these banks are charging the people they are suppose to be of help to which is the main reason why federal government gave them the fund to meet MDGs goals proposed by federal government have now become victims again. These MACROFINANCE BANKS hide under alleviating poverty to hajack public funds to thereby create heavy wealth for themselves in the detriment of the poor which they were suppose to protect. Just recently, someone asked me to stand as guarantor for her in LAPO MACROFINANCE BANK to my greatest surprise she requested for #100,000 and she was asked to pay #168,000 accumulated and she had paid administrative charges of #5,000 which is not included to the accumulated amount. that is; #5,600 weekly in 30weeks. Just imagine! We know that the central bank approve borrow rate is not more than 10% annually. What business would one do to make returns of such on weekly bases? Is this the poverty alleviation we tends to reduce in the land? Why are these institutions adding to the already existed famine in the land? Central bank or whatever agency that is in charge should quickly wade into this issues before more harm is done to the entire economy. The hardship is telling on the price of commodities in the market. We must learn to put things straight and sanction whoever that err to achieve the slogan: Good People! Great Nation! We preach every moment. JUSTICE OYAMIENLEN GODFREY President, Esan Youths Campaign (ESANYOCAM)
Posted on: Wed, 27 Aug 2014 18:01:54 +0000
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