Adeleke Commits N1bn To Osun Micro-Credit Agency

GOVERNOR Ademola Adeleke of Osun State, has said his administration is set to commit N1bn as a revolving loan to the state-owned Cooperative and Micro-Credit Agency.

The Governor directed the Commissioner for Cooperative and Empowerment to submit a reform plan for the execution, announcing that his administration had “resolved to invest a billion naira in the state cooperative movement to create a pool of revolving loans at single digit interest rate through the cooperatives and micro-credit agency.”

Adeleke who spoke at the first statewide summit of the cooperative society movement in Osogbo, on Tuesday, expressed the readiness of his administration to review the cooperative law to consider modern trends and practices.

A statement by the Spokesperson for the governor, Rasheed Olawale, said the governor called for measures that would inspire confidence and sustain continuous government financial contributions to the agency.

The statement further noted that Adeleke informed the gathering that he had approved the complete rehabilitation of the Cooperative College, Odeomu, and directed the Commissioner to take necessary action to implement the approval.

The statement further quoted Adeleke as saying “Because of the importance of cooperative movement to the local economy, we may also consider the possibility of cooperative studies becoming a programme of study at polytechnics and universities in the state.

“The executive arm will also consider sponsoring an executive bill for the review of the cooperative law. Let us make the operating law conform with the realities of the 21st century.”