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Business News of Monday, 23 January 2023


Kwara village king develops his own ‘currency’ to drive economic empowerment in his community

The photo used to illustrate the story The photo used to illustrate the story

A Nigerian village king, Ademola Ajibola of Ijara-Isin, a community in Isin Local Government Area in Kwara South Senatorial district has been reported to have created a means of exchange for his community in an effort to boost economic activities.

According to Premium Times, Ajibola came up with the idea after his visit to the United States where he witnessed vouchers being used as a means of exchange in some factories.

Ajibola who is also known as Mount Olive loved what he saw in the US and in August 2021 decided to create a TLK voucher for residents within his community, Ijara-Isin.

Why the money was created

Premium Times in its report noted that the King converted an abandoned community postal office into the community microfinance bank location called Ijara-Isin Development Fund Centre (IDFC).

The report said: "Because IDFC does not have the licence to operate as a micro-finance bank, it uses the licence of a micro-finance bank owned by the king, Mount Olive Microfinance Bank, Ilorin."

It is reported that the manager of IDFC, Yomi Odumade said the voucher is not money but simply a means to boost the economy of the community.

According to him, the voucher was introduced to allow residents in the community to transact their businesses within the community rather than going out or simply saving Naira in the bank.

A Facebook post also explained: "Ajibola has introduced a purchasing "voucher" known as TLK which is to be used to purchase goods in their market. "The voucher system, which is pegged to the naira, is not displacing the naira. Rather, it is a means of facilitating trade within the economy."

Who is Oba Ademola?

According to a report by Midlandpost, Ademola is a foremost business icon and industrialist who loves cars with brands like Mercedes Benz, the luxurious Jaguar in the X-Range, top Chinese brands and others in his garage.