Governor Ademola Adeleke of Osun State has approved a N1bn revolving loan scheme for the cooperative societies in the state.
Adeleke announced this at the first state-wide summit of the cooperative society movement on Tuesday. According to a statement issued by his spokesperson, Olawale Rasheed, the governor, who was conferred with an award by the cooperative moment, also hinted at major reforms relating to cooperatives in Osun.
He said: “As we plan to inject huge funds, we must work on the following areas to inspire confidence and sustain continuous government financial contributions.
“The cooperative law is due for review: After enactment dating back to the first or second republic, an amendment of the act is necessary to take into account modern trends and practices;
“Upgrading the operational standard of the cooperative movement: We all must admit that the operational standard among the cooperative platforms is very low and substandard. The old laws are hardly complied with, and the practices across the societies are quite below any confidence-inspiring rating.
“The need to review compliance with democratic governance: The cooperative society mostly lacks democratic governance. In other words, there is no regular election of leaders. This blocks innovation and frustrates the potentials of the grassroots financial platform.”
