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Most beneficiaries of TradeMoni loan are not our members- NANTS Chairman

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BY Victoria Ojeme

ABUJA: The Chairman, National Association of Nigerian Traders, NANTS, FCT chapter Prince Edozie Ugwu, on Thursday disclosed that most beneficiaries TradeMoni are not members of the association.



Ugwu urged the federal government to consult with them in the disbursement of the TradeMoni loan initiative.

Ugwu, who made the appeal at the Trader-Moni loan disbursement exercise to traders in Wuse market in Abuja, noted that most of the beneficiaries were not members of the association.

Mr. Ugwu described The Trademoni scheme as a good initiative but noted that the government needs to do better in terms of coordination.

He said a lot of traders had complained about the way and manner the money was being disbursed, as most of the people benefiting from the interest- free loan were not traders.

According to him, Government needs to work with market leaders because they own the market and the traders are members of the association.

Also, the Chief Taskforce, National Association of Nigeria Traders, and the supervisor of Wuse market disbursement officer Mr. Sunday Chukwu also lamented that the process of disbursement was not properly handled by government officials.

He however, commended the federal government for the scheme and described it as the first of its kind in the country.

One of the beneficiaries of the scheme who gave his name as Saleh Ali said the fund would help grow yam business.

He said he applied for the scheme because he believed in the federal government’s policy in growing small business.

TraderMoni was conceived in May 2016 as part of the 2-year-old Government Enterprise and Empowerment Programme (GEEP), a social intervention scheme of the Federal Government, being executed by the Bank of Industry.

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