Ehigiamusoe Godwin
Organization: Lapo
Year Founded: 1987
Country: Nigeria
Website: http://www.lapo-nigeria.org
LAPO is the leading Microfinance Institution in Nigeria with over 240,000 clients and is recognized for delivering sound financial, business support and social services for alleviating poverty and empowering the disadvantaged. Focus: Microfinance Geographic Area of Impact: Nigeria Model: Social Business Number of Direct Beneficiaries: 195,016 (2009) Annual Budget: USD 19.6 million (2009) Percentage Earned Revenue: 100% Recognition: Regional Social Entrepreneur of the Year, Africa, 2010 Background In the 1980s, Nigeria experienced a sharp increase in the spread and intensity of poverty as a result of the Structural Adjustment Program (SAP) as part of a government deal with the IMF and World Bank. The devaluation in currency, removal of subsidies and concurrent drop in oil prices compromised the government’s ability to deliver services and meet expectations of Nigerians. Despite enormous resources and potential, basic poverty indicators place Nigeria among the 20 poorest countries with 70% of the population living below poverty. Innovation and Activities Over the years, LAPO has grown from a small, informal development organization into a big, formally developed institution. LAPO is a non-profit group with several non-profit, as well as for-profit subsidiaries delivering social services and providing revenue streams to the parent group. LAPO provides savings, investment, and loan products to its clients in order to address the financial needs of low-income people of Nigeria. As part of its non-profit MFI, LAPO offers loans and savings products and investment innovations such as “credit for shares”. LAPO’s clients are engaged in micro and medium scale enterprises such as craftwork, food processing, merchandising, fabrication and farming. The LAPO Development Foundation provides social and health empowerment programmes addressing issues of ignorance, low self esteem, poor nutrition, ill health, discrimination, injustice and gender inequality. LAPO Agricultural and Rural Development Initiative specifically addresses challenges that affects the rural economy, like gender and political empowerment, sustainable farming methods and access to markets. LAPO’s subsidiaries include LAPO Development Services Limited, which provides training, technical assistance and human resource development to other MFIs, NGOs, and banks and LAPO Capital Limited, which is an investment bank that invests on behalf of LAPO’s more successful clients. Striving for sustainability, LAPO reached sufficient capacity in 2010 to receive a license to register as a Microfinance Bank in Nigeria, meeting the requirements of a recent microfinance policy in Nigeria that came into effect in 2005. The Entrepreneur As a university graduate from minority tribe in Nigeria, Mr Ehigamusoe was part of a rural cooperative movement before setting up LAPO in Ogwashi–Uku in the Delta State of Nigeria. Under his helm, LAPO was awarded the Pro-Poor Award for Innovation in Microfinance by CGAP (Consultative Group for Assist the Poor) and the Excellence in Microfinance Award by Grameen Foundation. Mr Ehigamusoe is also the Chairperson of Lift Microfinance Bank Limited and was recognized as the Model Entrepreneur Award in Nigeria in 2008.
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