News Column

Okada Ban - Association Procures N16 Million Tricyles for 'Okada' Riders in Kaduna

May 23, 2014



ANOCOWA Motorcycle Owners and Riders Association has acquaired 50 tricycles worth N16.5 million for distribution to its members following the ban on commercial motorcyle operation in Kaduna State.

The Kaduna state Secretary of the association, Alhaji Muhammad Usman told News Agency of Nigeria in Kaduna that the distribution would commence immediately.

He said the tricycles would be issued out to the members on loan, payable within 12 months.

Usman said those interested in the deal would be expected to open an account with a designated bank, and make a daily return of N1, 400 until the liquidation of the N495, 000 unit cost of each tricycle.

The secretary said the association secured the N16.5 million from a micro finance bank, adding that it had set up a committee in conjunction with the bank to screen applicants for the loan.

According to him, the assiciation hopes to distribute 300 tricycles in the next two years to its members in the state.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: AllAfrica


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters