👤 By Abdul Tukur, Exclusive DENISAURUS News

A man who identified his name as Daramola Michael, has foiled a scam being used by coordinators of an empowerment project introduced by the President Muhammadu Buhari led Federal Government.

Mr Michael applied for the Government loan known as the Trader Moni and was successfully awarded N10,000.

The man who was to start a soap making business with the N10,000 loan said he was surprised when officials deducted some of the money awarded to him.

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The Trader Moni, a scheme which the Vice President Yemi Osinbajo launched in Osun days before the state’s Governorship election in September, is meant to give an individual the opportunity to borrow from the Federal Government.

The FG is using the 321 million dollars which the late General Sani Abacha shored abroad.

The money was recovered and returned to Nigeria by the Swiss Government in December 2016.

A requirement given to the Government is for the repatriated funds to be used in a scheme that would benefit Nigerians.

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This paper understands that N10,000 is the starting point an individual can request as loan from the Trader Moni.

The National Coordinator of the programme, Babatunde Bakare said: They get N10,000 and return it in three months or six months. Once they finish the repayment, they get N15,000 and after they repay back, they move on to the next stage of N20,000 after which they move on to another repayment plan and they get N50,000 and then 100,000 loan. In all categories from N10,000 to N100,000 it is collateral free.”

But, DENISAURUS News investigation revealed that coordinators around the country have been cheating individuals by deliberately deducting from the money loaned to them.

According to @DaramolaMike22, “The gave out #8000 instead of #10000 which means they deducted #2000 each from everyone who got the money.”

In response the @Trader_Moni is to launch an investigation.

“Dear @DaramolaMike, thanks for bringing this to our attention. Could you please provide your exact location and, if possible, ANY information on the agent who served you? We take these matters very seriously! We not only fire the agent, but have their BVNs blocked for fraud.”