Yudala scheme gets N1.5bn to fund entrepreneurship

Yudala, the composite retail chain store that specialises in selling electronic gadgets has been given N1.5 billion dollars by the Leo Stan Ekeh foundation in support of its YUBOSS- an entrepreneurship and wealth creation scheme.
The scheme, which is also supported by Access Bank and Airtel, will be unveiled by Chris Ngige, Minister of Labour and Productivity in Abuja on Friday.
According to Yudala, YUBOSS is a credible platform for hard working Nigerian youths with the right business mindset and creative energy to become bosses and certified billionaires in the near future without being indebted to any bank. YUBOSS members are entitled to attractive commissions and credit facilities as well as a wide range of benefits including business mentorship sessions and capacity-building workshops. The scheme is structured to see members rise through the ranks and ultimately become the part owner of a Yudala franchise store when they achieve platinum status.
Ibukun Toluwase, head of Wealth Creation department of the Foundation said that the sum of N500 million will be disbursed to qualified agents of Yudala in the first 12 months interest free and those who perform exceptionally well, will benefit from an additional investment of N10 million each, interest free for at least two years before repaying the capital. The Foundation’s strategy is to partner indirectly with practical entrepreneurs who will not rely on banks to create billions, especially in this period when our banks are very reluctant to lend.
“The aim is to use a successful platform such as Yudala Online and Offline retail stores located nationwide to build up quality entrepreneurs who can create, defend and sustain wealth even during disruptive periods such as the one we are passing through at the moment. All qualified YUBOSS members will be fully documented, trained and mentored by Ekeh himself. Already, we have installed digital infrastructure like Video Conferencing and other smart devices in major cities like Abuja, Port Harcourt, Imo and Lagos, among others, to make online interaction live. We intend to achieve this in all state capitals for easier mentoring.
“With these in place, the interactions with these YUBOSS agents will take place once a month, irrespective of the trainer’s location. The agents will also be physically engaged every six months. The strategy is to create future strategic disruptive entrepreneurs who will become versatile in technology products, essential commodities and other lifestyle products in the country.

JUMOKE AKIYODE