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Home arrow Okemesi arrow The Olatoye Foundation Agricultural Loan Scheme 2013 Announcement
The Olatoye Foundation Agricultural Loan Scheme 2013 Announcement PDF Print E-mail
Written by Paul Olatoye   
Apr 04, 2013 at 01:25 PM

 April 4, 2013


The Olatoye Foundation hereby announces the kick-off of its latest project, ‘The Olatoye Foundation Agricultural Loan Scheme’ (“the Loan Scheme”) which aims to disburse interest-free, revolving loan to farmers in the Okemesi–Ekiti community while working with agricultural research experts to undertake research on key factors that could boost agriculture along a vast proportion of its value chain in the community.

The Chairman of the Foundation, Mr. Paul Olatoye has already secured commitment in principle of friends in the Ohio State Farmers Association to collaborate in the research aspects of the Project.
Purpose of the Loan Scheme

In consonance with our credo — Excellence, Innovation, Integrity, Honour, Service — we have set up the Loan Scheme for the following purposes:
•                  Increasing the scope of land under cultivation;
•                  Increasing yield per season of the three targeted crops, namely cassava, rice and maize;
•                  Bolstering farmers’ investment confidence and improving their income;
•                  Evolving a cross-sectorial, yet community-based platform for systematic agricultural researches relevant to the community.

Key Activities

In line with the foregoing, Olatoye Foundation is committed to the following:
•                  Disbursement, in two tranches, of the sum of N1,000,000.00 (one million naira only) to a group of twenty-five farmers formed into an Association;
•                  Guarantee of farmers’ income through purchase of unsold produce, at market rate;
•                  Establishment of linkage between the existing local and state governments’ agricultural training programmes farmer’s training with.
•                  Regular evaluation of the effectiveness of the loan scheme.

Criteria for selecting beneficiaries

In order to benefit, a beneficiary must satisfy the following minimum conditions:
1.     Be a fulltime farmer who is resident and cultivating land within the Okemesi community;
2.    Farm must be accessible to agricultural officers, researchers and Loan administrative officers for purposes of research and documentation;
3.    Agree to join and be bound by the rules of the Farmers’ Association; and
4.    Execute a memorandum of agreement indicating fitness, willingness and ability to participate in the Loan Scheme, including the training and research activities.
Commencing Activities

•         The Foundation has appointed Mr. Adisa Olaniyan, an active agricultural and agro-allied entrepreneur in the community as Scheme Coordinator (reporting to the Foundation’s Chairman) to coordinate the scheme.
•         The Scheme Coordinator has received the first tranche of N500,000.00 (five hundred thousand naira only) for onward disbursement to qualifying members of the Farmers Association as the planting season commences.
•         The second tranche will be disbursed later as we approach subsequent milestones in the planting season and as farmers’ progress and fulfillment of their obligations are assessed.

For more information, contact the Scheme Coordinator, Mr. Adisa Olaniyan (0806 233 9060).
Paul Olatoye

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Last Updated ( Apr 04, 2013 at 01:31 PM )
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