Ogun disburses ₦500m to cooperative societies, urges accountability

The Ogun State Government has disbursed ₦500 million to the Ogun State Cooperatives Federation Limited (OGSCOFED) to support local businesses and strengthen the grassroots economy.

 

The fund was presented through the Ministry of Community Development and Cooperatives during a ceremony held in Abeokuta, according to a statement issued on Saturday by the ministry.

 

The Commissioner for Community Development and Cooperatives, Ademola Balogun, described the intervention as a strategic investment in human capital aimed at empowering residents and stimulating economic growth.

 

He said the initiative aligns with Governor Dapo Abiodun’s ISEYA development agenda, which focuses on sustainable wealth creation across the state.

 

Balogun urged beneficiaries to use the funds responsibly and warned against diversion.

 

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

 

He explained that the facility operates as a revolving loan scheme, designed to ensure that more cooperative members benefit from the programme over time.

 

The commissioner also commended OGSCOFED for its non-partisan approach to development and encouraged the federation to continue partnering with the state government to advance community development initiatives.

 

Also speaking, the Permanent Secretary in the ministry, Lateef Benson, said the disbursement was intended to strengthen self-help institutions and support Micro, Small and Medium Enterprises (MSMEs) through cooperative societies.

 

Receiving the cheque, the President of OGSCOFED, Alhaji Wasiu Olaleye, expressed appreciation to the state government and assured that the funds would be distributed to beneficiaries across the three senatorial districts of Ogun State.

 

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