As part of efforts to bolster local businesses and stimulate grassroots economy, the Ogun State Government through the Ministry of community development and cooperatives has presented a cheque of ₦500 million to Ogun State Co-operative Federation Limited (OGSCOFED) on Friday 13th March, 2026 at Oke Mosan, Abeokuta.
The Commissioner for Community Development and Cooperatives, Hon. Ademola Balogun, while presenting the fund in Abeokuta said it was a strategic investment in the State’s human capital, noting that the gesture aligns with Governor Prince Dr. Dapo Abiodun -CON’s ISEYA development agenda, aimed at creating sustainable wealth for all residents.
While addressing the leadership and members of the Federation, he charged the beneficiaries to ensure the judicious use of the funds, warning against the diversion of capital into non-productive ventures.
The Commissioner further stressed the necessity of transparency and prompt repayment, noting that the revolving nature of the loan is designed to ensure all members of Cooperative Societies benefit in the future. “Accountability must be your watchword. Your ability to repay promptly determines the speed at which we can expand this intervention to others,” he added.
Hon. Balogun, Commended OGSCOFED for its non-partisan approach to development, urging the Federation to continue collaborating with the State. He called on all cooperators to support the present administration’s programmes and work at promoting a united front for the continued progress of the Gateway State.
Also speaking, Permanent Secretary in the Ministry, Mr. Lateef Benson, said the gesture was 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.
Receiving the Cheque, President, OGSCOFED, Alhaji Wasiu Babatunde Olaleye ficp, appreciated the State Government for the release of the revolving loan, saying OGSCOFED would ensure that the fund gets to beneficiary Cooperators across the three senatorial districts of the State, assuring that the loan will be judiciously used for the purpose it was granted.
The Director of Cooperative Services, Pastor Samuel Mustapha ficp, delivered the Vote of Thanks on behalf of the Ogun State Cooperative Movement, appreciating the Ogun State Governor, Prince Dr. Dapo Abiodun CON, and the Honourable Commissioner, Ministry of Community Development and Cooperatives, Hon. Ademola Balogun, for the release of Five Hundred Million Naira to the cooperators in Ogun State. He also appreciated the Commissioner for his continuous support to the Cooperative Movement, especially during the International Cooperative Study Trip which he facilitated, making it a remarkable and unprecedented experience. Pastor Mustapha further noted that the ₦500 million revolving loan is the largest amount ever given to OGSCOFED.
Several key stakeholders and leaders in the Cooperative Movement were present to witness the landmark presentation. Among them were:
Pastor Sam. Mustapha ficp (Director of Cooperative Services); Dr. Olubunmi Fajobi mni, ficp (Director of Planning and Statistics and President of Institute of Co-operative Professionals of Nigeria); Mr. A. A. Ogunjimi (Deputy Director of Cooperative Services); Alhaji Olaleye Tunde (President of OGSCOFED Ltd); Chief (Mrs.) Adenike Ajayi (Vice President OGSCOFED Ltd); Comrade Tola Onafuye (Branch President Remo Branch II); Mr. Alaka Olatunji (Branch President, Ado-Odo/Ota/Ifo/Ewekoro Branch); Mrs. K. A. Adesina (President, Ogun Central Salary Earners); Mrs. Folorunso Olusola A. (Executive Secretary OGSCOFED Ltd) and Mrs. Ifeoluwa Ajeigbe (HOD Audit OGSCOFED Ltd).