Ekiti to inject N1b into Coops

By Francis Akinnodi


Ekiti State Government has pledged to inject one billion naira to strengthen cooperative societies in the state for better operations and radical economic prosperity.

The state Governor, Biodun Oyebanji disclosed the readiness of his government to release a sum of N500 million, while same amount would be sourced from an interested financial institution in order to raise the benchmark to a billion naira thereby fortifying the operations of cooperative societies.

As a way of making lives better for civil servants, Oyebanji said that his government would soon reach a robust conclusion with the leaders of Organised Labour on the implementation of a new Living Wage for all State Civil Servants in the state.

The Governor stated these at a ceremony marking the 2023 Cooperatives’ Day in Ado Ekiti.

Addressing the cooperative societies, Oyebanji promised to involve the cooperators in the running of all government’s economic activities to promote investments in Ekiti.

He assured the civil servants of regular payment of salary deductions to strengthen and ensure a hitch-free running of all cooperative societies in the civil service.

“You gave me a job with your votes in 2022, and part of the job is to make lives better for you. Cooperative societies are good and strategic for economic prosperity. In advanced nations like India and China, they are the ones that are helping the government, trade and economy to move forward.

“We would do what we are expected to do to make your societies functional. But before we can do it, there are things we must do. When I head-hunted the Commissioner for industry, Trade and Investment from Dublin, I told her to help our cooperative societies, traders and artisans to develop.

“We have reached out to financial institutions for partnership, but they locked their doors against us because our people were indebted to them. Because of this, many have not been able to access loans in banks.

“By January, we would look for N500 million to inject into our cooperate societies. We would add another N500m sourced from the bank to make it N1 billion and this would happen by end of January, when I would distribute cheques to you. Get me correctly, it is bank that will add that N500m, we will look for that bank.

“So, this government would do everything possible to promote you and make you succeed in your businesses and other ventures”.

Oyebanji advised Ekiti citizens to patronise those cooperative societies that are under regulation, and with safe investment, warnng the citizens against joining financial groups that impose outrageous interests on loans acquired.

The Governor said he had instructed the Head of Service, Engr. Sunday Akomolafe to enlist the name of a cooperative society in the Ministry to coordinate the activities of these societies.

In her submission at the event, the Commissioner for Trade, Industry and Investment, Mrs Omotayo Adeola, said government would continue to involve the cooperaiative societies in all economic and trade activities or state government.

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