Ogun State Empowers Local Businesses with ₦500 Million Disbursement to Cooperatives

By 𝔸bdulrazak Tomiwa

The Ogun State Government has presented a ₦500 million cheque to the Ogun State Cooperatives Federation Limited (OGSCOFED) to bolster local businesses and the grassroots economy.

A Saturday statement from the Ministry of Community Development and Cooperatives confirmed that the funds were distributed during an event in Abeokuta. Ademola Balogun, the Commissioner for the ministry, characterized the initiative as a major investment in human capital aligned with Governor Dapo Abiodun’s ISEYA development plan.

During his address, Balogun emphasized the importance of using the money for its intended purpose, stating:

“Accountability must be your watchword. Your ability to repay promptly determines the speed at which we can expand this intervention to others.”

He noted that the loan is designed to be revolving, ensuring future benefits for more cooperative members. Balogun also praised OGSCOFED’s non-partisan stance and urged continued partnership with the state.

The Ministry’s Permanent Secretary, Mr. Lateef Benson, explained that the goal is:

“To encourage and stimulate strong veritable self-help institutions as well as improve the economic welfare of residents by empowering Micro, Small and Medium Enterprises (MSMEs) through cooperative societies.”

Upon accepting the cheque, OGSCOFED President Alh. Wasiu Olaleye thanked the government and promised that the funds would be distributed across all three senatorial districts, adding:

“We will ensure that the fund is judiciously utilised and repaid promptly.”