From struggle to triumph, how Adeleke unbundled the Osun Cooperative Industry
By Jeleel Olawale
The Osun State cooperative industry was previously under the Ministry of Commerce and Industry, as had been the practice under past administrations. Within this ministry, Cooperatives and Empowerment functioned as a lesser-known section with minimal impact.
However, upon assuming office, Governor Ademola Adeleke initiated reforms to revitalise the cooperative sector. One of his key decisions was to carve out the cooperative section from the Ministry of Commerce and Industry, creating a dedicated Ministry of Cooperatives and Empowerment on 19th July 2023. This full-fledged ministry is now led by Commissioner Prince Bayo Ogunbangbe and Special Adviser Hon. Durojaye Isaac.
Governor Adeleke’s decision to establish the ministry appears to be a strategic step towards resolving the credit access challenges faced by small-scale businesses in Osun State. In just two years, significant progress has been made in strengthening cooperative societies, enabling them to bridge the financial gap for local businesses.
Recognising the pivotal role of cooperatives in creating sustainable livelihoods, fostering entrepreneurship, and combating poverty, the administration has made concerted efforts to institutionalise the cooperative movement. This has resulted in increased economic participation, job creation, and improved living standards.
The sector’s successes can be attributed to the commitment of cooperative stakeholders and the state government’s unwavering dedication to inclusive economic growth.
During the 2024 budget review, the ministry recorded a high performance, a fact acknowledged by Governor Adeleke during the 2025 budget presentation at the Osun State House of Assembly. Analysts praised the judicious use of the 2024 budget, noting its substantial impact on the state’s economy.
Governor Adeleke reaffirmed his government’s commitment to policy reforms, increased funding, and support for cooperative societies, which he described as a transformation from neglect to prominence.
At the Nigerian National Cooperative Award (CRASoN) ceremony, Mr Victor Oyegoke, President and CEO of CRASoN, commended Adeleke as the only governor in Nigeria to establish a standalone Ministry for Cooperative Affairs. He urged other governors to emulate this initiative to drive cooperative growth and economic empowerment.
In January 2024, Governor Adeleke launched a ¦ 3.4 billion revolving cooperative loan scheme to benefit cooperative societies across the state. Speaking in Osogbo, he explained that the scheme would be implemented in three phases, with ¦ 1.145 billion allocated per phase, aiming to support 45,816 beneficiaries.
“As a government that fulfils electoral promises, we are here to ensure that loans of various categories are disbursed to registered cooperative societies to grow their businesses and expand the state economy,” Governor Adeleke stated.
“We are operationalising 332 cooperatives across the 332 wards in Osun State, with 46 beneficiaries per ward, making a total of 15,272 beneficiaries,” he added.
So far, the ministry has disbursed ¦ 550 million to cooperative societies in all 332 wards, benefiting 11,952 individuals. Additionally, ¦ 450 million has been allocated to conventional registered cooperative societies under the Federation of Osun State Cooperatives Limited (FOSCOOP).
To further stimulate the state’s economy, the government also launched a ¦ 200 million microcredit loan scheme in 2024 to support traders and market vendors. The governor reaffirmed his administration’s commitment to empowering entrepreneurs, ensuring they have financial support to compete effectively in today’s economy.
Commissioner Prince Bayo Ogunbangbe highlighted that the 2024 Working Capital Programme under the Micro, Small, and Medium Enterprises Development Fund (MSMEDF) reflects the administration’s efforts to uplift small-scale businesses.
“This year, we have significantly increased the funding pool to reach more beneficiaries and redesigned the application process to ensure businesses across all local governments benefit,” Ogunbangbe stated.
He projected that the initiative would generate thousands of jobs, enhance local production, and improve MSMEs’ competitiveness in regional and national markets.
A significant achievement of the administration has been the rehabilitation and upgrade of the moribund Cooperative College in Ode-Omu. The institution has now been elevated to a degree-awarding college in affiliation with Osun State University, strengthening cooperative education at the grassroots level.
Governor Adeleke noted that his vision for grassroots empowerment and economic development has been yielding tangible results. To sustain this progress, an additional ¦ 500 million has been approved for cooperative funding.
Speaking on the college’s transformation, Commissioner Ogunbangbe described the project as a symbol of progress and a testament to the state’s commitment to cooperative education.
Similarly, Special Adviser Hon. Durojaye Isaac called the commissioning of the rehabilitated college a milestone in the history of Osun State, emphasising that the institution is now better positioned to serve its purpose.
Following its reopening, the college admitted students for the 2024/2025 academic session, marking the beginning of a new era in cooperative education.
Within a short period, the Ministry of Cooperatives and Empowerment has benefited thousands through various empowerment initiatives, including support for Persons With Disabilities (PWDs), the elderly, and senior citizens.
A ministry official, speaking anonymously, confirmed that these empowerment programmes are available to all residents, regardless of political affiliation. He also noted that the initiatives boost the state’s GDP and help reduce poverty levels.
The ministry has become a driving force in Osun State’s grassroots economy, with its activities uplifting local businesses and households. Governor Adeleke’s decision to create the ministry from the former Ministry of Commerce and Industry has been widely regarded as a wise and transformative move.
The Executive Secretary of FOSCOOP, Alhaji Tiamiyu, described the ongoing developments as unprecedented in Osun State’s cooperative movement. He noted that, unlike in the past when the sector faced challenges, cooperative societies are now flourishing under the current administration.
One of the key achievements has been the clearance of unremitted deductions from government cooperative societies, particularly those affecting civil servants, which had accumulated under previous administrations.
The establishment of the ministry has been hailed as a major milestone, with cooperative stakeholders referring to it as the “mother of all giant strides.” Many believe its impact will be long-lasting, positioning Osun State as a model for cooperative development in Nigeria.
