The Ogun State Government has released the sum of N21m to support Small and Medium Enterprises in the state.
The state Commissioner for Community Development and Cooperatives, Gbenga Adenmosun, said this when he presented a cheque in the value of the sum to the State Cooperative Federation Limited.
Adenmosun said the gesture was also to stimulate a strong self-help cooperative institution and bring about socio-economic development.
He charged the management of the cooperative to make judicious use of the fund, warning that leaders accused of mismanaging the money would be dealt with according to the provisions of the law.
He said the loan would be payable at seven per cent interest rate over a year into the government coffers, adding that faithfulness in remittance would encourage the government to continue its support.
He said, “It is imperative for the members of the cooperative to be prudent with the fund and use it judiciously in order to appreciate the state government and contribute to the socio-economic growth of the state. The government will not hesitate in providing them more loans in due course.”
Appreciating the state government for the gesture, the President of the group, Alhaji Abdul-Rasaq Ola-Balogun, promised that members would continue to contribute to the development of the state by paying their taxes and rates as and when due.
He said, “We are promising the state government that the movement will make use of the money judiciously and no member will be accused of mismanaging the loan. We are determined to contribute our quota to the economic growth of the state.”
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