Adeleke flags off N3.45bn loan to ward cooperatives
By Jeleel Olawale
Governor Ademola Adeleke of Osun State on Tuesday flagged off distribution of funds to ward cooperatives societies in Ile-Ife.
The cooperative societies are ward based in 332 wards in the state. The people in these ward based cooperatives are to benefit from the N3.4 billion revolving non-interest loan given to Cooperative societies in the state.
Speaking in his Palace, Ooni of Ife, Oba Adeyeye Eniyan Ogunwusi, Ìjaja II, praised Adeleke for giving back to the society by reducing the suffering of the people in the grassroots, saying this will go a long way in boosting economy of the state
Ooni urged the Governor not to rest in his oars in the development of the state as he has been doing. He said he is happy with what the governor is doing in Ile-Ife, saying amazed with the ward based cooperative societies flagg’s off today.
Adeleke in his address, said the government is strengthening and promoting cooperative societies in the grassroots. This is a financial inclusion for our artisans.
“We are empowering our grassroot traders, artisans, market men and women to reduce the poverty level in the state. We will recall that we held a cooperative summit in January 2024 where I flagged off N3.450,000.000 as revolving loan. We are today implementing the decision of the summit. The stakeholders can attest to this.
“The Cooperatives comprise Federation of Cooperatives Societies and the newly established Ward based cooperative society. We have about 332 wards in Osun State. The FOSCOOP and the ward based cooperative societies have received about seven hundred million naira in the first tranche,” he said.
“Our women folk take the centre of our grassroot economy. They contribute immensely to the grassroots economy. This interest free loan would assist them in boosting the local economy. I want to implore you to use the money judiciously.”
The flag-off commenced in Ile-Ife which cut across other federal constituencies in the state.
The Commissioner for Cooperatives and Empowerment, Prince Bayo Ogungbangbe, said the Governor had increased the amount given to Cooperative societies, adding that the Governor has contributed to the well-being and prosperity of Osun State through cooperative societies.
According to him, the Governor has released seven hundred million naira as the first tranche to the Cooperative societies. He said the ministry has released this fund.
“The people have been enjoying the dividends of democracy in the state through this revolving loan.
“This revolving interest free loan is designed to empower all small scale traders, artisans, farmers, market men and women which will serve as an economic stimulus.”
He commended the visionary leadership of the State Governor for his dedication and commitment to the yearnings and aspirations of the people of the state.
He urged the beneficiaries to make judicious use of the fund, adding that the Governor graciously approved the formation of 332 ward based cooperative societies across the state.
