Mr Gbolahan Ogunleye, member of the Lagos State House of Assembly representing APC-Ikorodu 1, on Friday, commenced the disbursement of interest-free loans to traders in his constituency.

Ogunleye said the loans are intended to support traders’ businesses, improve socio-economic conditions, and uplift residents in the area.

The scheme is managed in collaboration with First Bank of Nigeria, with the first phase focusing on traders within his constituency. Plans are underway to extend the loan program to markets throughout the broader Ikorodu division.

“Providing an interest-free loan to market women is borne out of the need for me to help the traders in form of capital to help their businesses. This is in fulfilment of a campaign promise to set aside an amount to be used as revolving interest free loans to traders in my constituency,” Ogunleye said.

He noted that discussions with the Iyaloja General of Ikorodu division led to the framework for the initiative.

The lawmaker added that he intends to continue serving his constituents through initiatives that positively impact their livelihoods.

Ogunleye urged beneficiaries to use the funds responsibly and return the principal promptly to allow other traders access to the loan.

“Mechanism has been set up to monitor the disbursement to traders to address the issue of no refund,” he said.

Princess Busola Isikalu, Iyaloja General of Ikorodu division, welcomed the loan scheme and noted its potential to provide financial support for business expansion.

She cautioned beneficiaries to ensure timely repayment to sustain the program and warned that those who default would face sanctions.

Mrs. Ajibike Shokunbi, one of the loan recipients, expressed gratitude and said the gesture would help alleviate some of the financial challenges faced by market women.