Osun: Iwo agog as Ilerioluwa Cooperators disburse #500m interest-free loan to Iwo Federal Constituency residents

..Beneficiaries shower encomiums on sponsors, promise judicious use



The Iwo township hall on Tuesday was filled to the brim as the beneficiaries of the interest-free loan, sponsored by the Ilerioluwa Cooperators under the platform of Ifesowapo AYIWOLA Cooperative Society, went into jubilation as the cash disbursement commenced.


This is even as the beneficiaries showered encomiums on the sponsors for coming up with the life-changing initiative, promising to use the fund to improve their businesses.



The Minister of Marine and Blue Economy, Adegboyega Oyetola CON, applauded the initiative just as he called on the beneficiaries to use the funds judiciously.


Oyetola, who was represented by the former Special Adviser to the Governor on Political Matters, Alhaji Debo Badru, said the gesture would go a long way to stimulate the commercial activities particularly at the grassroots.


Presenting cash to some of the beneficiaries, the Mother of the Day at the occasion and wife of the Minister of Marine and Blue Economy, Alhaja Kafayat Oyetola, lauded the initiative which she described as a "round peg in a round hole"


"I want to tell you that if you use this fund judiciously, you stand to benefit tremendously from the scheme as said by the organisers", Alhaja Kafaya said.


President, Ifesowapo (AYIWOLA) Cooperative Society, Mr. Anthony Owolabi, said the interest-free loan has no political coloration as it is meant to support small and medium scale businesses at the grassroots within the three local government areas.


Owolabi noted that the funds would be made available for all to start new businesses or support the existing ones, adding that the refund would be made within ten months without any interest.


According to him, millions of naira would be made available across the units to ensure that over 200,000 target benefit beneficiaries get the soft loans without discrimination.


Earlier, Chairman of the occasion who doubled as the Asiwaju Musulumi of Yorubaland, Edo, Delta States, Alhaji Khamis Tunde Badmus, extolled the initiative which he described as solution to poverty, hunger and unemployment.


The business mogul, who was represented by the former Chairman Osun Health Insurance Scheme, Hon. Adeoye Adelakun, disclosed his readiness to support the initiative in all ramifications to ensure its sustainability.


In their short remarks, Oluwo of Iwo, Oba Abdul-Rasheed Akanbi and Aragbiji of Iragbiji, Oba Abdul-Rasheed Ayotunde Olabomi eulogized the scheme describing it "a child of necessity".


They commended the sponsors for coming up with the idea, stating the time has come for all the communities in the country to follow suit. 


The traditional rulers urged the beneficiaries to see the interest-free loan as an ample opportunity to support their businesses and lift many out of poverty.


Former Speaker, Osun House of Assembly, Hon. Timothy Owoeye urged the beneficiaries to use the fund for the purpose it is meant for. 


Owoeye, who described the gesture as the best empowerment model in this part of the world, expressed optimism in its multiplier effect in the next couple of months.


Some of the beneficiaries, who couldn't hide their excitements, hailed the sponsors just as they pledged to use the money productively. 


Mrs. Hamzat Monsura, Mr. Akintunde Gbadebo, Mrs Oke Saudat, among other beneficiaries, expressed profound gratitude to the sponsors for meeting them at the point of their need.

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