The Ogun State Government through the Ministry of Community Development and Cooperatives has presented a cheque of ₦500 million to Ogun State Cooperatives Federation Limited (OGSCOFED), in order to bolster local businesses and stimulate grassroots economy.
The Commissioner for Community Development and Cooperatives, Hon. Ademola Balogun, while disbursing the fund in Abeokuta said it was a strategic investment in the State’s human capital, noting that the gesture aligns with the Governor Dapo Abiodun’s ‘ISEYA’ mantra, aimed at creating sustainable wealth for all residents.
While addressing the leadership and members of the Federation, he charged the beneficiaries to ensure the judicious use of the funds, warning against the diversion of capital into non-productive ventures.
The Commissioner further stressed the necessity of transparency and prompt repayment, noting that the revolving nature of the loan is designed to ensure all members of cooperative societies benefit in the future. “Accountability must be your watchword. Your ability to repay promptly determines the speed at which we can expand this intervention to others,” he added.
Hon. Balogun, Commended OGSCOFED for its non-partisan approach to development, urging the Federation to continue collaborating with the State.
He called on all cooperators to support the present administration’s programmes and work at promoting a united front for the continued progress of the Gateway State.
Also speaking, Permanent Secretary in the Ministry, Mr. Lateef Benson, said the gesture was to encourage and stimulate strong veritable self-help institutions as well as improve the economic welfare of residents by empowering Micro, Small and Medium Enterprises (MSMEs) through cooperative societies.
Receiving the Cheque, President, OGSCOFED, Alh. Wasiu Olaleye, appreciated the State government for the release of the revolving loan, saying OGSCOFED would ensure that the fund gets to beneficiary cooperators across the three senatorial districts of the state, assuring that they would judiciously utilise the loan and pay back as and when due.
L-R:- Ogun state Commissioner for Community Development and Cooperatives, Hon. Ademola Balogun (2nd left), Permanent Secretary in the Ministry, Mr. Lateef Benson (left), President, Ogun state Cooperatives Federation Limited (OGSCOFED), Alh. Wasiu Olaleye, his Vice, Chief Mrs. Adenike Ajayi (2nd right) and Director, Cooperative Services, Mr. Samuel Mustapha (right), and other Directors of the Ministry of Community Development and Cooperatives and members of OGSCOFED at the presentation of Five Hundred Million Naira (N500M) cheque to Cooperatives societies in the state.