Lagunare Relief Foundation (LRF), a fast growing youth support group in Nigeria says it has released over N15 million as a non-Interest loan facility to support education and business growth of members who have maximum period of 18 months for the repayment of the loan support
The foundation during its 3rd Annual General Meeting held on Sunday at the palace of Olowu of Owu-Kingdom in Oke Ago-Owu in Abeokuta , the Ogun State capital, also supported the Olowu Hope Initiative with bags of rice for the School Free Meal per day programme, in addition to donation of solar powered street lights to be installed in some of the strategic areas within Owu community
Chairman of the foundation and Jagunmolu Owu Amukankan, Oloye Kehinde Saheed Akinfenwa who disclosed this at the AGM , said LRF had expanded its non-Interest portfolio, launched new empowerment initiatives schemes and maintained a strong focus on transparency, accountability and good governance
According to him, the LRF Board of Trustees, headed by its president, Chief (Prince) Muhad Ibrahim Adetilo , the Akeweje of Owu-Kingdom, has approved an increase in the maximum loan to members from N500,000 to a million naira with repayment period of 20 months
Other resolutions of the Board of Trustees for the year 2026, included maximum empowerment loan for individual members put at N300,000 to be repaid within 12 months while 50 percent of funds generated from Development Levy, fines and sales of forms and general donations from members and spirited individuals would be used to finance the Annual General Projects of the foundation
He further revealed that the Board of Trustees in its resolutions vowed to adopt a principle of zero-tolerance this year on the repayment terms for loan
"The Debt Recovery Committee shall ensure monthly repayment of debts as agreed, and names of defaulters shall be published monthly on General platform",
On new members of the foundation, Oloye Akinfenwa stated that the Board of Trustees, agreed as part of its resolutions that new members must have served minimum of six months and demonstrate high level of commitment before applying for loans of empowerment support
In the resolutions, unapproved absentees will pay a fine of N500 while lateness of members attracts a N200 fine amongst other decision taken by the board
Guest Speaker at the event, Chief (SURV.) Olajide Fashina who is the Alakoso Ogbe, while speaking on the theme of the AGM "NGO: A catalyst for societal and economic developments", he emphasized the need for beneficiaries of the loan facility given by the foundation to have proper understanding of business environment before venturing into such business
He urged the beneficiaries of the non-Interest loan facility , to always seek for knowledge on their choice of business concept through mentorship, saying they must invest wisely to get a good return on investment and repay the loan with ease
Chief Fasina who lauded the transparency and accountability process of the audited financial report of the foundation, also cautioned beneficiaries of loan facility, against wasteful, insisting that they must be financially discipline as business entrepreneur
He enjoined them to take advantage of huge business opportunities in the digital economy by upgrading their skills in the Information and Communication Technology (ICT)
*You need to have strong character as an entrepreneur to survive challenges and build a strong business enterprise", he advised members
Similarly Father's of the day and Akingbogun Owu Kingdom, Chief (Prof.) Moruf Adenekan who lauded the various empowerment initiatives of LRF, urged the foundation to invest in training of their members in various vocational trades , citing samples of several Nigerians excelling in their respective vocational trades in Canada, United Kingdom and other countries in Europe
Also the Osupori of Òwu Kingdom, High Chief Olusola Adeoye stressed the need for members of the foundation to acquire new skills in the vocational trades to enhance their financial status while Chairman Forum of Alakoso of Owu-Abeokuta, Chief Adebayo Adeyemi expressed satisfaction with the audited financial report of the foundation, emphasizing the need to ensure properly utilization of funds to enable more members benefit from the non-Interest loan facility, so as to enhance economic growth of Owu-Kingdom
Chief Adeyemi appreciated the foundation for embracing the empowerment concept of Owu Empowerment Foundation, unveiling the plan of OEF to invest in the business opportunities in the agricultural sector and called for synergy with LRF to drive the project for the benefit of Owu-Kingdom
High points of the event included formal presentation of symbolic five out of the 20 bags of rice to support the Olowu Hope Initiatives (OHI) *A-meal a day initiative* for Students , in addition to Solar powered street lights to be installed within Owu Communities.
High Chief Abiodun Lasile , the Or unto Obalufe Òwu Kingdom and High Chief Olusola Adeoye who received the donations on behalf of Olowu of Owu-Kingdom, Oba (Prof ) Saka Adelola Matemilola, appreciated the support and pledged to continue to mobilize the needed support for the foundation to do more for the society
Olori Khadijah Matemilola on behalf of Olowu who is the grand patron of LRF also lauded the initiative of the LRF, expressing the readiness of Olowu to always give the needed support to the foundation in its quest to ensure the economic growth and development of Owu-Kingdom
The LRF Yearly Community Project for the foundation also received financial support from dignatries at the event who announced donations between N150,000 and N25, 0000
Those honoured with awards by the foundation for their outstanding contributions to the growth of Owu-Kingdom included the immediate past Akogun of Owu kingdom, Chief ishola Akinsiku and immediate past Asipa of Owu kingdom, Chief Maruf Egbeyemi while Excellent Award was presented to Chief Akinfenwa Kehinde Saheed, The Chairman of the Foundation
Other dignatries who graced the event included two Royal Fathers, Oba Abdulwaheed Ayoade (Oluroko Erunmu Owu Kingdom) and Oba Ọlálékan Olasode (Alapomu Owu Apomu Kingdom) as well as Olori Khadijah Matemilola and Olori Aminat Matemilola as Royal Mothers
Others at the event included Chief Mrs. Jolaoluwa Opaleye Faderera Owu Kingdom ( Mother of the day), Chief Adelani Àkànjí ( Balogun Owu Totoro), Chief Ayọ Matemilola (Pàràkòyí Owu Totoro), Chiefs Princess Kehinde Adeyinka Adelanwa (Erelu Aje Owu Kingdom), High Chief Rear Admiral Ayodele as well as Osunmakinde (Baba lájé Owu Kingdom) and Chief Abiodun Famuyiwa Baamokun Erunmu Owu Kingdom.
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