The Ogun State Government through the Ministry of Community Development and Cooperatives has presented a cheque of N500 million to Ogun State Cooperatives Federation Limited (OGSCOFED), in order to bolster local businesses and stimulate grassroots economy.

The Commissioner for Community Development and Cooperatives, Ademola Balogun, while disbursing the fund in Abeokuta, said it was a strategic investment in the State’s human capital, noting that the gesture aligns with the Governor Dapo Abiodun’s ‘ISEYA’ mantra, 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.