The Ikechukwu Ezeugwu Foundation has launched a groundbreaking micro-credit initiative, offering ten million naira (N10 million) in grants to empower over 60 individuals and business groups, allowing them to enhance their respective trades and investments.
For the past 12 years, the foundation has dedicated itself to developing human capital through scholarships for higher education, nurturing a diverse array of professionals such as medical doctors, engineers, and nurses, among others.
At ab event in Igugu, Udenu local government area of Enugu State, the foundation’s visionary founder, Dr. Ikechukwu Ezeugwu, described the micro-credit scheme as more than just financial support; it is a path to liberation for small businesses seeking growth. Drawing from his personal experience, he shared, “I once had to borrow to start my own business in Lagos. Remember, God helps those who help themselves.”
Dr. Ezeugwu proudly introduced a carefully selected group of beneficiaries, emphasising the importance of giving back: “As you flourish, extend your hand to others in your community.”
Among the recipients of these interest-free credits are the Igugu Community Trade and Investment Committee, Nsukka Produce Association, Orba Produce Buyers Association, Ozioko Council of Elders, and Oganiru Age Grade Association.
“This scheme is an extension of our commitment to the less privileged in society, building on our educational endowments,” he asserted. “After 12 years of concentrating on scholarships and mentorship, we’ve decided to support business startups. This initiative is about more than just money; we have dedicated individuals who will mentor and monitor your progress.”
Ezeugwu explained the structure of the funding, stating, “We’re starting with a modest ten million naira. Each individual can receive up to 500,000 naira, while groups like the cashew producers’ marketers association can access a one million naira revolving loan, interest-free for one year. Success hinges on monitoring and support, with the potential for further funding if warranted.”
He urged beneficiaries to conduct their business dealings with integrity and a sense of responsibility, emphasising that their reputations would determine their future opportunities.
Prof. Malachi Okwueze, a member of the foundation’s Board of Trustees, highlighted the foundation’s journey, remarking, “Initially, we focused solely on scholarships for deserving individuals from Udenu local government before expanding our reach across Enugu North and even into the North East geopolitical zones of Nigeria.”
He added, “Recognising that people need to feed before they can think of education, we created this micro-credit and grant initiative for business starters.”
HRH Igwe Augustine Ezeugwu, the traditional ruler of Igugu, revealed that Ikechukwu Ezeugwu’s passion for philanthropy was evident from a young age, long before entering politics. The monarch noted that Ezeugwu leads the community’s trade and investment committee, which has received a one million naira credit, further enhancing its impact with a personal donation of another one million naira.
“As we look to the future, I foresee a remarkable transformation in the Igugu community within the next five years,” the monarch confidently projected.
