LAPO commits N113.7 bn to boost SMEs in 2015
In furtherance of its commitment to alleviate poverty within the Sub-Sahara Africa region, Lift Above Poverty Organization (LAPO) says it committed the sum of N113.7 billion to boost Small and Medium Enterprises (SMEs) in 2015 fiscal year.
BusinessDay reports that in the period under review, LAPO Microfinance bank also expended a total of N612 million to staff training.
Godwin Ehigiamusoe, founder of LAPO/Managing Director of LAPO Microfinance bank made the disclosure at the 2015 long service and best performance staff awards presentation ceremony in Benin City on Friday.
Ehigiamusoe who noted that the growth and success of LAPO was largely hinged on the commitment and dedication of staff said over 2.5 million Nigerians and Sierra Leoneans directly access a range of the organization’s services while another 15 million indirectly benefit as dependants of clients and staff of the financial institution.
He added that the client’s base of the organization rose from 1,414,964 in 2014 to 2,073,879 in 2015, an annual growth rate of 46.57 percent.
He also explained that the volume of loans regularly disbursed to clients has also grown remarkable from N62.2 billion in 2013, N92.4billion in 2014, and N113.7 billion an average growth rate of 22.96 percent.
While noting that 586,213 women and other vulnerable population in target communities were empowered by LAPO NGO in 2015, he added that other subsidiaries of the establishment also made huge investment in staff training.
He further opined that a total number of 519 staff were elevated to various ranks across the organization in 2015.
He added that the organization currently has a total staff strength of 6,278 and shall rise to 7,210 by the end of the year.
Ehigiamusoe assured that LAPO will continue to harness its resources towards superior performance in order to remain a major employer of young people in Edo state and.beyond.
The LAPO said a total of 105 staff members received 10 to 20 years long service awards, eight received best credit staff award and two best non-credit staff award respectively.
He however commended the awardees for their various commitment and contributions towards the growth of the organization and enjoined them not to rest on their oars.
IDRIS UMAR MOMOH