Osun Govt signs MoU with FOSCOOP, releases N300m loan

By Jeleel Olawale

The Osun State Government on Tuesday signed a Memorandum of Understanding with the Federation of Osun State Cooperatives (FOSCOOP) and released a sum of N300 million revolving loan to the cooperative societies in the state.

The state government was represented by the Commissioner for Cooperatives and Empowerment, Prince Bayo Ogungbangbe while Alhaji AbdulRasheed Diekola signed the MoU on behalf of the state government and FOSCOOP at the Ministry of Cooperatives and Empowerment.

The signing of MoU and disbursement of the fund is in fulfillment of the promise made by Governor Ademola Adeleke, during the 1st Osun State Cooperatives Summit and Awards held in January this year.

The sum of N300 million revolving loan was released as the first tranche to the Cooperatives Federation with the commitment to release subsequent tranches soon.

Speaking at the signing of the MoU, Prince Bayo Ogungbangbe said, the initiative is geared towards empowering and supporting the cooperative movement in Osun State, saying this is in line with the theme of the summit, “Co-operative, A Pathway to Economic and Social Development.”

He described this as a landmark achievement in fulfilling the promise made by the governor, adding that the second tranche would be released immediately.

He said, all cooperative societies would benefit from the state government gesture as others would be invited to come for their own.

He noted that the empowerment would also be done after all cooperative societies in the state received their funds.

“This is the first  tranche of the fund and as soon as possible other tranches would be released. We want to release the fund on a tranche basis to allow all cooperative members to benefit from it. When the Governor makes a promise, he tries to fulfill it. This is his attitude. He is a promise keeping man.”

The President of the Federation of Osun State Cooperatives (FOSCOOP), Alhaji AbdulRasheed Diekola, expressed gratitude to Governor Ademola Adeleke for fulfilling the promise made during the Summit.

He assured the state government of continued support to the government, saying the collaboration between the state government and FOSCOOP signifies a significant step towards fostering economic and social development within the state government through cooperative empowerment.

“This is a relief for all cooperators in the state. This gesture would go a long way in ameliorating poverty in the state. This would empower all members of cooperative societies in the state. This is a milestone achieved by the state government.”

Also, the Special Adviser to the Governor on Cooperatives and Empowerment, Hon. Durojaye Isaac, described the fulfillment of the promise and disbursement of the fund to the cooperative movement as one of its kind in the history of the state, noting that no government has ever promised and fulfilled such.

He said the gesture would improve the micro economy sector in the state and reduce the level of economic hardship faced by the people.

He therefore urged the citizens to continue to support the state government policies and programmes in a bid to fulfill all its 5-point agenda of Governor Ademola Adeleke.

The dignitaries at the signing of the MoU include Special Adviser to the Governor on Cooperatives and Empowerment, Hon. Isaac Durojaye; Permanent Secretary, Ministry of Cooperatives and Empowerment, Mr. Sunday Gbenga Fadele; Director of Cooperatives, Mr. Babatunde Ogunjide; Director of Empowerment.

Others are Mrs. Peju Oginni; Prince. Gbadebo Adeleke; Mr. Bashir Olayemi; Mr. Babatunde Olowoyeye, Principal, Cooperatives College, Hon. Oyeniyi Rasheed, Hon. Musbau Abioye, Alhaji Tiamiyu Wasiu Adeoye FOSCOOP Executive Secretary.

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