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The President of Odu’a Cooperative Conglomerate, Felix Ajibode, has emphasised that small-scale businesses in the South West cannot thrive without a strong cooperative structure.
Speaking at a stakeholders’ meeting on Wednesday, held at Chief Samuel Adeloye Aboluwodi Boardroom, Obisesan Hall, Ibadan, Ajibode highlighted the pivotal role of cooperatives in fostering entrepreneurship by providing low-interest loans to small-scale business owners.
“Without a strong cooperative in the South West, there will be no business. Our cooperative has helped small-scale entrepreneurs by encouraging members to save and access loans at single-digit or very low interest rates,” he stated.
Ajibode further stressed the economic importance of cooperatives, stating, “Without cooperatives in the South West, there would be no economy, and there would be no life.
“Nationally, the South West remains the strongest in terms of cooperative structures. Historically, we have led in this sector in Nigeria.”
Addressing challenges in opening accounts with some banks, Ajibode clarified that cooperative societies do not require Corporate Affairs Commission registration to operate legally.
“The Cooperative Act stands alone and defines who can register cooperatives. Certificates issued by the Director of Cooperative Services serve as legal tender, allowing cooperatives to transact business, own property, and even take legal action if necessary,” he explained.
He also revealed that Odu’a Cooperative currently boasts assets worth N50bn, with over N30bn in liquid cash contributed by cooperators across the South West.
During the event, representatives from three commercial banks highlighted the benefits of business partnerships with the cooperative.
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