I recently chanced upon a company called the Arocom group that looks very good on paper. The ceo/ chairman is an Abeokuta chap, he is Alhaji Shuaibu Aro. Under the Arocom Group are; Arocom global investments ltd, Arocom global merchandise limited, Arocom automobile industries limited and Arocom property development limited. They claim to be committed to the use of private sector finance initiatives to improve and develop the standard of living of the masses as part of its contribution of private sector operators to poverty elevation in Nigeria… Good talk.
I also saw during my investigation, an elaborate pamphlet published by the company during the commissioning and distribution of 70 motorcycles to support transportation in ogun state on Thursday, January 28th 2010 at the Alake’s Palace, Abeokuta.
I am not satisfied however with their terms. They are too harsh for the poor they are supposed to cater for. According to information, to receive a soft friendly loan, you have to save N1,000 with them weekly for six months, before they consider you for a loan. LAPO which is the market leader for such small loans gives people money after 4 weeks. Why should Arocom be different? Why should people wait for six months before they pick up the soft loans? It certainly will be medicine after death if you ask me.
I also quarrel with their assets acquisition scheme for okadas, cars or household items. According to my sources, you will pay 25% of the value to Arocom and then wait for between 7 to 90 days to take possession of the asset. I am not impressed by their system. They are not masses friendly in any way. And I hope they will change for the masses need more of such schemes to alleviate the biting poverty that our leaders have thrown us into.