The founder of Afe Babalola University, Ado Ekiti (ABUAD), Aare Afe Babalola, has lamented the high rate of interest charged by banks and the conditions for granting loans, saying that it has made it difficult for the ordinary man to request bank loans.

The legal icon said it was in appreciation of this situation that he set up two cooperative societies with N200 million to provide loans for 2,000 people at a minimum of N100,000 per person.

“Members will only pay 5% interest on the loan to the cooperative society, compared to over 20% charged by banks.”
The ABUAD founder stated this at the weekend at the Annual Afe Babalola Day, held at the palace of the Ewi of Ado Ekiti, Oba Rufus Adeyemo Adejugbe, in Ado-Ekiti.

He said: “I am happy the two societies are functioning very well. I appeal to well-to-do Ekiti people to support the cooperative societies by donating to the capital gift by me to the two cooperative societies to lift our people out of unemployment and poverty.”

At the event, the ABUAD founder made a donation of N100 million to two cooperative societies, besides the N250 million donated in 2024, to empower the people with low-interest loans.

In his remarks at the occasion, the Governor of Ekiti State, Biodun Oyebanji, declared that Chief Afe Babalola (SAN) has immortalised himself by building human resources across Nigeria that will outlive him.

Oyebanji said Babalola has made tremendous impacts in the lives of many Nigerians through his flourishing legal profession and the establishment of ABUAD, where thousands of citizens are deriving their livelihoods and enhancing their careers.

The governor, who was represented by his Deputy, Mrs. Monisade Afuye, posited that Babalola has succeeded in immortalising himself through huge investments in human capital, which has made him a darling of many.

He said the government of Ekiti State is proud of the achievements and life trajectory of the elder statesman, who emerged from a humble background and turned out to be a shining light across Nigeria and globally through his industry, innovation, character, honesty, and philanthropy.

Oyebanji applauded the solid support being given to his government by the senior lawyer, saying his fatherly and advisory roles have helped in the smooth governing of the people by his administration.

Saluting the organisers of the event for deeming it reasonable to celebrate him in grand style, Chief Babalola said the epic battle for the creation of Ekiti State in 1996 was undertaken so that all compatriots, including himself, could join the fray in building a state that will have a strong economy and successful human resources.

“The name Afe Babalola is special to us in Ekiti State and particularly to Governor Oyebanji in so many ways.

“Firstly, he is the highest taxpayer as an individual in Ekiti State. Secondly, he established the best private university in Ekiti State, which makes him the second-highest employer of labour after government. Thirdly, he is a leading light in terms of philanthropic gestures for individuals and institutions in our dear state and Nigeria.”

The Ewi of Ado Ekiti, Oba Rufus Adeyemo Adejugbe, said the history of Ekiti will continue to be kind to the legal colossus and remember him for his immeasurable generosity, kindness, and innovations to tackle poverty among the populace.

Oba Adejugbe said Babalola’s sense of communalism has been outstanding and serves as a role model and propelling force for the younger generations to cultivate the spirit of lending helping hands to the vulnerable.