Ogun Govt Disburses ₦500m Revolving Loan to Cooperatives, Warns Against Diversion

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. The Commissioner for Community Development and Cooperatives, Hon. Ademola Balogun, said the fund is a strategic investment in human capital and aligns with Governor Dapo Abiodun’s ISEYA agenda to create sustainable wealth. He charged beneficiaries to use the funds judiciously and warned against diverting capital into non-productive ventures. He commended OGSCOFED’s non-partisan approach and urged continued collaboration and support for the administration’s programmes to advance the Gateway State. Permanent Secretary, Mr. Lateef Benson, noted the gesture will strengthen self-help institutions and empower MSMEs through cooperative societies. OGSCOFED President, Alh. Wasiu Olaleye, thanked the State and pledged fair distribution across the three senatorial districts, with prudent use and timely repayment.

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