Osun signs MoU with Cooperatives body, disburses N300m loan
By Jeleel Olawale
Governor Adeleke’s decision to establish the Ministry of Cooperatives and Empowerment reflects his understanding of the significant impact that cooperative societies have on the grassroot economy. This has boosted micro-credit and small scale businesses in the state
Speaking, the Commissioner for Cooperatives and Empowerment, Prince Bayo Ogungbangbe said, the Governor’s focus on wealth creation through Cooperatives and empowerment have been yielding positive results.
“Under the Ministry of Cooperatives and Empowerment Ministry, extensive training programs and capacity-building workshops have been organised to impart essential business skills and financial literacy to cooperative members.
“Through these initiatives, beneficiaries have developed a strong entrepreneurial spirit, resulting in increased productivity and profitability.
“Governor’s commitment to development has brought about tangible improvements in the lives of ordinary citizens by providing access to credit facilities and micro loans. The ministry has promoted economic growth at the grassroots level, allowing individuals and small businesses to flourish,” Ogungbangbe said.
The commissioner posited that establishment of Cooperatives and Empowerment Ministry over the last few months within this first year reflects Senator Ademola Adeleke’s strong leadership, progressive vision, and dedication to improving the livelihoods of the people of Osun State, stressing that his unwavering commitment to Cooperatives and Empowerment has brought about wealth creation among the state’s residents.
He said under the Governor’s visionary leadership, numerous cooperative societies have thrived, leading to an increase in economic participation, job creation, and improved living standards.
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.
After signing of MoU and disbursement of the fund to cooperative societies through FOSCOOP and at the ward level, many people have received money.
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 are presently benefitting 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.
“The first tranche of the fund has been paid while the second tranche will be released soon. 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 fulfil 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 through cooperatives.”
“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,” he added.
Also, the Special Adviser to the Governor on Cooperatives and Empowerment, Hon. Durojaye Isaac, described the fulfilment 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 fulfil all its 5-point agenda of Governor Ademola Adeleke.
