Saturday, April 3, 2010

IS AROCOM INVESTMENTS SOFT LOANS FOR REAL

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.

8 comments:

  1. To the owner of this website, try and make constructive criticisms and not a destructive one.

    A.Q.A

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  2. Why not investigate prior to writing this article or report? The company itself is not taking down payment for a long time before issuing loans. But the fact still remains that so many people are waiting on the list, because of the long queue of applicants throughout the Federation. Let us pray for the initiator of this project and encourage him further.

    My believe is that Nigeria will be much better if we can find someone like Alhaji Shuaibu Aro who can boldly rise up to support the active poor the way he does. Lawrence Kotun

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  3. Is this not a first chance to try something really progressive in Nigeria?With all the 10percenters,thieves and 419ers in Nigeria,where are the philanthropists,venture capitalists and crowd funders to help us out of our artificially imposed poverty.
    Give AROCOM a chance to try the first zero-interest experiment in Nigeria.The European economy was helped greatly by the very small number of non-usury banks that are just beginning to arise in it-many know that!Whovever believes there is Nemesis must understand that Usury is Accursed,Exploitative and Unblessed.

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  4. I quite agree that "usury is accurssed, exploitative and unblessed". What I have heard reliably is that you pay 10% of the asset you wish to acquire. If this is real I believe it's fair enough.

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  5. Don't be decieve by what you see or heard, in Ilorin 2day arocom has left so many pple wit wound nd injury of nt paying them d so call loan, as am posting this pple of plateau state ar also nurseing their wound 2, since march dis yr arocom collected their 10% wit d promise 2 giv them loan, now d loan is nt forth coming and arocom find it dificult again 2 return back masses hard earn 10%, any way Mr Shaibu Aro dnt tink pple of plateau will 4get or 4giv u even if u die without paying this money yet they wil nt 4giv u 4 d stress u put many pple on the plateau. Arocom bury ur head in shame come and pay back pple's 10% 2 save ur name 4rm been destroy. Dis must be hard loan nt soft loan.

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  6. its true these AROCOM are deceiving the masses they collect my money in JOS PLATEAU for over two years now they have not give the loan and my own money is not back of to today,they the ifs .

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  7. the chairman of arocom, OBA AROOO he a big theif, and DAMN SCAMMER, OLORIBURUKU MASHANFANI, THAT WILL RUT IN JAIL FOR EVER, SCAMMED US IN OSUN STATE, UR SURFERING WILL RUN IN UR ENTIRE FAMILY, U ARE THE FULL OF SHIT, OLE

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