Tope Adebayo Foundation empowers 100 women with ₦20m interest-free loans in Ekiti
The Tope Adebayo Foundation has empowered 100 women in Igbara-Odo, Ekiti State, with ₦20 million in interest-free revolving loans to strengthen small-scale businesses and promote women’s economic independence.
The initiative provides each beneficiary with ₦200,000 to support and expand her trading activities. The beneficiaries were drawn from Odo Igbara and Oke Ode communities, according to a statement detailing the programme.
Under the scheme, each beneficiary is expected to repay the loan at ₦10,000 monthly over 20 months, without interest. The revolving arrangement is designed to ensure that recovered funds can be redistributed to other women, allowing more people to benefit from the initiative over time.
The disbursement ceremony was presided over by the Kabiyesi Arajaka of Igbara-Odo, Oba Edward Jayeola, and attended by at least 15 members of the Arajaka-in-Council, alongside other community leaders and stakeholders.
Speaking at the event, Oba Jayeola described the intervention as unprecedented in Igbara-Odo, noting that the scale of support for women’s economic activities through an interest-free loan scheme was the first of its kind in the town.
The monarch said the initiative was consistent with the longstanding commitment of the foundation’s benefactor, Tope Adebayo, to the welfare and development of the community.
He urged the beneficiaries to make judicious use of the funds by investing them in their businesses and fulfilling their repayment obligations promptly. He also warned that default could undermine the sustainability of the scheme and its ability to support additional beneficiaries.
Also speaking at the ceremony, community leader Sir Sanmi Afere acknowledged the significance of the intervention, expressing optimism that the initiative would strengthen women’s businesses and contribute to grassroots development.
Prof. Gbenga Tedela, who represented Adebayo at the event, emphasised the importance of practical interventions that provide women with the financial resources needed to sustain and expand their businesses.
The foundation said the revolving mechanism would enable recovered funds to be channelled to other women, broadening access to financial support and encouraging entrepreneurship within the community.
Beyond providing additional trading capital, the initiative is expected to create opportunities for beneficiaries to improve their household incomes and contribute to the economic wellbeing of their families and the wider Igbara-Odo community.
The programme underscores the role of philanthropic organisations in complementing community development efforts through financial empowerment initiatives aimed at supporting small businesses and improving livelihoods.
