In a significant initiative to combat poverty at the grassroots level, the non-governmental organization (NGO) Ilerioluwa Cooperators, operating under the Ifesowapo (Ayiwola) Cooperative Investment and Credit Union (CICU), officially began distribution of N500 million interest-free loan to artisans, market women at the grassroots.
The Programme, which began at the Town Hall of Iwo on Tuesday, was attended by traditional rulers including the Oluwo of Iwo, Oba Abdulrosheed Adewale Akanbi, Olupo of Olupona, and Aragbiji of Iragbiji, Oba Abdulrosheed Olabomi.
Former first lady and wife of the Minister for Blue and Marine, Alhaja Kafayat Oyetola, commended the organisers of the program for “the forward thinking”.
Alhaja Oyetola emphasized on the importance of responsible use of the funds by beneficiaries, underlining the potential positive impacts on individual lives and the broader community.
The former first lady took the opportunity to appeal for sustained support for their All Progressives Congress and the administration of President Bola Tinubu.
She said continued support for the APC will bring dividends of democracy to the people at the grassroots.
The Oluwo of Iwo, who was represented at the event by Aremo Akanbi Adelani, expressed sincere appreciation for the establishment of the cooperative. He emphasized the significance of such initiatives in fostering community development and economic prosperity.
The monarch said it’s important to address the economic challenges facing petty traders at the grassroots and commended the organization for taking a proactive role in contributing to the well-being of the community.
“Beneficiaries are urged to ensure that you use loan given to you judiciously.” Oluwo said.
Eng Lanre Adeleke Peculiar, the founder of Ifesowapo (Ayiwola) CICU, emphasized that the organization is not politically affiliated, stating that the aim is to empower people economically.
The President of the Ifesowapo (Ayiwole) CICU, Anthony Akanmu Owolabi, explained that the funds are provided by non-organizations with no interest attached.
He highlighted the importance of having a voter’s card and National Identification Number (NIN) for membership, with an initial loan amount of N20,000 given to beneficiaries who have ten months to repay.
“The primary goal of the program is to alleviate poverty through cooperative efforts. I urge the beneficiaries to utilize the funds wisely and I want to emphasize that timely repayments will enable others to benefit from this interest-free loan opportunity.” Owolabi said.
Aragbiji of Iragbiji encouraged residents of Ayedire, Iwo, and Olaoluwa LG to make judicious use of the funds.
Some of the beneficiaries, including Ogunlake Abibat, Oyelami Yemisi, Oke Saidat, and Semiyu Mutiyat, expressed their appreciation to the NGO for the opportunity, promising to utilize the funds responsibly and contribute to the success of the program.
