Elder statesman and founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola, has established two cooperative societies to enable business owners in Ekiti State access loans easily for business growth and empowerment.
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Speaking during the Annual Afe Babalola Day celebration, held at the palace of the Ewi of Ado-Ekiti, Oba Rufus Adeyemo Adejugbe, Babalola expressed concern over Nigeria’s deteriorating economy and food security situation.
He lamented that the nation had lost its agricultural culture and self-reliant food system, recalling a time when every household maintained a backyard garden and had enough to eat and share.
“There was a time when everyone had a garden behind his house, no matter his profession or vocation. That was the time when everyone had enough to eat and even excess to give to others,” he said.
Babalola decried the exodus of multinational companies from Nigeria and the country’s poor infrastructure, noting that unreliable power supply, insecurity, and unfavorable bank loan conditions have discouraged investment and crippled small businesses.
“The rate of interest charged by banks and the conditions for granting loans make it difficult for the ordinary man to access bank facilities. It was in response to this that I established two cooperative societies with ₦200 million to provide loans for 2,000 people at a minimum of ₦100,000 each.
“Members will pay only 5% interest to the cooperatives, compared to over 20% charged by banks,” Babalola explained.
He added that the cooperative societies are already functional and appealed to wealthy Ekiti indigenes to support the initiative through donations that would expand access and reduce poverty.
“If members repay their loans promptly, poverty and unemployment will soon be a thing of the past. Government alone cannot solve these challenges; we must return to the values of the First Republic when there was peace, prosperity, and self-reliance,” he urged.
In a separate gesture, the elder statesman donated ₦100 million to the Ewi’s palace beautification project, commending the monarch’s efforts in modernizing the royal premises.
“I commend His Royal Majesty for the tremendous improvements made to this palace. To support the ongoing beautification project, I am donating ₦100 million,” Babalola announced.
Governor Biodun Oyebanji, represented by his deputy, Chief (Mrs.) Monisade Afuye, praised Afe Babalola for his lifelong contributions to human capital development and philanthropy.
“The government of Ekiti State is proud of Aare Afe Babalola, a man who emerged from a humble beginning to become a shining light across Nigeria and beyond.
“He is the highest individual taxpayer in Ekiti, the founder of the best private university in the state, and the second-largest employer of labor after the government,” Oyebanji said.
In his remarks, the Ewi of Ado-Ekiti, Oba Rufus Adeyemo Adejugbe, described Afe Babalola as a rare patriot whose generosity and innovations have transformed lives and communities.
“Ekiti history will forever be kind to Aare Babalola. We have resolved to mark October 18 every year in his honor, in perpetuity. Even at 97, he continues to inspire through his work in education, healthcare, agriculture, and philanthropy,” the monarch stated.
He commended ABUAD’s global reputation and the university’s teaching hospital, describing them as symbols of excellence and innovation that prove Africa’s ability to compete globally.
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