Ogun State Governor, Prince Dapo Abiodun, has disbursed over N500 million to cooperative societies across the state as part of efforts to support Micro, Small and Medium Enterprises (MSMEs) and strengthen the grassroots economy.
The funds were handed over to the Ogun State Cooperatives Federation Limited (OGSCOFED) during a ceremony in Abeokuta, according to a statement released on Saturday by the Ministry of Community Development and Cooperatives.
Speaking at the event, the Commissioner for Community Development and Cooperatives, Ademola Balogun, described the intervention as a strategic investment in the state’s human capital, aligned with Governor Abiodun’s ISEYA development agenda.
“This fund is a strategic investment in the State’s human capital, aimed at creating sustainable wealth for all residents,” Balogun said.
He urged beneficiaries to ensure accountability and prompt repayment, warning against any diversion of the funds.
“Accountability must be your watchword. Your ability to repay promptly determines the speed at which we can expand this intervention to others,” the commissioner added.
Balogun explained that the loan operates on a revolving basis to ensure that more cooperative members can benefit from the scheme in the future. He commended OGSCOFED for its non-partisan approach to development and encouraged continued collaboration with the state government.
Also speaking, the Permanent Secretary in the ministry, Mr Lateef Benson, said the disbursement was designed to encourage strong self-help institutions and improve the economic welfare of residents by empowering MSMEs through cooperative societies.
Receiving the cheque, the President of OGSCOFED, Alhaji Wasiu Olaleye, expressed gratitude to the Abiodun-led administration and assured that the funds would be distributed to beneficiaries across the three senatorial districts.
“We will ensure that the fund is judiciously utilised and repaid promptly,” Olaleye said.
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