Ondo govt acquires ‘Cooperative House’

The payment was done according to the lease agreement executed by the respective parties which is in favour of the state government to use the property for its business for the next 20 years. The Commissioner for Community Development and Cooperative Services, Clement Faboyede, while presenting the N25 million cheque to the creditor in Akure, […]

The payment was done according to the lease agreement executed by the respective parties which is in favour of the state government to use the property for its business for the next 20 years.

The Commissioner for Community Development and Cooperative Services, Clement Faboyede, while presenting the N25 million cheque to the creditor in Akure, said the government’s decision was premised on the belief that cooperatives remained the strongest instrument of actualising poverty alleviation programme and the building is a lasting legacy of cooperative achievement in the state.

He disclosed government’s plan to give a whopping sum of N500 million to some cooperative societies for the smooth running of their businesses, urging other cooperatives societies to register with the state government to benefit

According to him, the N500 million micro credit loan was already being prepared in the next year’s  budget which would be submitted to the state assembly with the assurance that the legislators would give it a passage as members of ‘cooperators’.

Faboyede urged the cooperative members to reciprocate the government’s gestures by supporting its programmes that are directed towards development of the rural areas.

The president of the Cooperative Investment and Trust Society, Mr V. S. Adenigbagbe, said the presentation of the N25 million cheques by the state government was done according to the lease agreement, commending Mimiko’s administration for bailing out the state group from its financial difficulties.

He urged the state government to keep faith with the signed agreement, binding the parties to the deal in order to ensure that the group took a complete possession of the property at the appropriate time.