Afe Babalola Decries High Bank Loan Rates, Donates N100M for Low-Interest Loans in Ekiti
[NigerianEye - Nigeria] - 19/10/2025
Aare Afe Babalola, founder of Afe Babalola University, Ado Ekiti (ABUAD), has criticized the high interest rates and stringent conditions imposed by banks, which he says make loans inaccessible to ordinary Nigerians. To address this, Babalola established two cooperative societies with N200 million to provide low-interest loans of at least N100,000 to 2,000 people at a 5% interest rate, compared to over 20% charged by banks.Speaking at the Annual Afe Babalola Day held at the palace of the Ewi of Ado Ekiti, Oba Rufus Adeyemo Adejugbe, Babalola announced an additional N100 million donation to (…)
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