CLAIM: On the 3rd March 2019, a Twitter user GCFR with username @Pr8nz quoted the Vice President, Prof. Yemi Osinbajo as saying that the N10,000 loan given to traders under the Tradermoni scheme of the Federal Government has been stopped. He also reminded the recipients that it is a loan; failure to pay back will mean facing the Economic and Financial Crimes Commission (EFCC)
EVIDENCE: Laolu Akande, the Senior Special Assistant on Media & Publicity to the Vice President, says that the Tradermoni scheme has not been stopped. Also, Uzoma Nwagba, the Chief Operating Officer of GEEP under which the Tradermoni scheme is domiciled, reveals that loan defaulters will not face the EFCC. More information on the loan can also be found on the website
CONCLUSION: FALSE
FULL TEXT:
The Tradermoni scheme is a collateral-free loan targeted at petty traders and artisans as part of the Government’s Enterprise and Empowerment Program (GEEP) scheme of the Federal Government, being executed by the Bank of Industry.
On the 3rd of March, a Twitter user GCFR with username @Pr8nz quoted the Vice President, Prof. Yemi Osinbajo as saying that the N10,000 loan given to traders under the Tradermoni scheme has been stopped while also warning the recipients that it is a loan and failure to pay back will mean facing the Economic and Financial Crimes Commission (EFCC).
There were no further details about where and how the Vice-President made the alleged statement, and the post did not contain any link to a webpage with more information.
The post received 1342 retweets and 1295 times.
A fact-check reveals that the news is false. This was proven by a reply to the tweet by Laolu Akande (@akandeoj), who is the Senior Special Assistant on Media & Publicity to the Vice President.
Mr. Akande denied that the Tradermoni scheme had been stopped. He explained the process of obtaining the loan. According to him, it starts with a N10,000 loan and when it is repaid, the trader gets another loan with an increase of N5,000 and it goes on until it gets to N100,000.
Further verification from Uzoma Nwagba, the Chief Operating Officer of the Government Enterprise and Empowerment Program (GEEP) under which the Tradermoni scheme is domiciled, revealed that loan defaulters will not face the EFCC. He also explained that the loan must be repaid within a minimum of three months and a maximum of six months. As soon a loan is repaid, the recipient is entitled to a fresh loan and an additional N5000.
CONCLUSION: The Tradermoni money scheme remains a scheme implemented by the Federal Government. It has not been stopped.
