Beneficiaries of the Ferefayo Empowerment Loan Scheme have applauded its founder, Dr. Olatunde Olusesi, a United States–based lecturer, for transforming small-scale trading at Itoku Market, Abeokuta, through his zero-interest microloan initiative.
The commendations poured in on Tuesday, November 11, during the scheme’s first anniversary, held under the Itoku Market bridge, the same venue as the annual Lorranisa 11/11 Day Celebration.
The initiative, launched last year to mark Dr. Olusesi’s 60th birthday, was established in honour of his late mother, Alhaja Anisat Amosa Olusesi — a respected trader at Itoku Market before her passing in May 2024. Through the Ferefayo Empowerment Programme, the scheme offers N25,000 interest-free loans to petty traders, allowing flexible repayment to support business growth.
Abolade Afeez, General Manager of Lorranisa 11/11 Enterprises and the Ferefayo Empowerment Programme, described the event as “especially significant,” celebrating both the loan scheme’s first anniversary and the fourth anniversary of the Lorranisa Tricycle Co-ownership Programme (LTCOP).
“Both initiatives aim to uplift low-income earners,” Afeez said. “While the loan scheme supports traders, the tricycle project helps members co-own tricycles through gradual payments.”
Grateful beneficiaries shared success stories. Mrs Keshinro, representing ready-made clothes sellers, said her cooperative had repaid its first loan and nearly completed a second. “We’ve seen real progress in our businesses because of this opportunity,” she said.
Another trader, Mrs Kudirat Omotayo Ibrahim, noted that an additional N1 million fund provided by Dr. Olusesi for clothes merchants had “greatly boosted” their trade.
Guest lecturer, Elder Olugbade Ogunsiji, praised the empowerment initiative but urged beneficiaries to maintain repayment discipline to sustain the revolving fund. He also advised traders to cultivate a savings culture for long-term stability.
The celebration featured free health checks in collaboration with the Ogun State Health Centre, Oke-Ilewo, offering blood pressure, sugar, malaria, and hepatitis screening. The Federal Road Safety Corps (FRSC), represented by Adesanya Ademola of the Ibara Housing Estate Command, also gave a lecture on road safety ahead of the festive season.
Afeez disclosed that more than 300 people have benefited from the scheme since inception, expressing appreciation to supporters and partners, including the Baptist Boys’ High School Old Boys Association.
The event concluded with cash gifts to elderly attendees, symbolising a day of gratitude and continued commitment to community upliftment.
