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Report of Activities of Pacesetter Micro-Finance Institution between January and April 2018

Oyo State Logo

The activities in the Institution have been very mild. This is due to non-replacement of Governing Board dissolved since 2015. What brought about the little activities performed by the Institution is the ongoing scrutiny of the Institution’s Service Providers by His Excellency, Governor Abiola Ajimobi. In his bid to perfect the scrutiny, a committee headed by the Secretary to the State Government was inaugurated. In the course of performing its duty, the committee demanded for the following information from the Institution:

  • Contact addresses of the Service Providers.
  • Contact addresses of their Directors.

In continuation of the scrutiny, the Governor of the State also mandated office of the Auditor General for the State to audit the accounts of the Pacesetter Microfinance institution between2011 and 2017. While the Auditors were performing their duties, the under listed documents were demanded for.

  • All the documents related to the finances of the Institution.
  • Inventory of the Institution.
  • Particulars of the seconded officers to the Institution from inception to date.

The only surviving service provider, Grooming People for Better livelihood Centre has submitted its Report of activities for the period between January and April 2018. It also compares the report of December, 2017 and April, 2018 as indicated in the table below.


Dec 2017 April 2018
No of LGA 22 22
No of Branches 53 53
No of Groups 4,077 4,457
Total Loanees 764,520 795,715
Disbursed Amount 45,096,794,606 48,040,020,330
Outstanding Loan Balance No 59,402 59,250
Outstanding Loan Balance Amount 2,895,546,000 2,926,050,500
Rate of Recovery 98.68% 98.29%
Portfolio at Risk 2.60% 2.84%

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