By Sarafa Ibrahim
Sometime in January 2024, Governor Ademola Adeleke paid an unscheduled visit to the OdeOmu Cooperative College in Ayedaade local government, and all was there to see was the shell of a once thriving institution. Founded in 1992 by the first Executive Governor of Osun State, late Senator Isiaka Adetunji Adeleke,the institution serves as one of the frontiers of learning in Nigeria, horning the skills and expertises of tens of thousands people in Osun state and beyond on the arts of cooperative operations and associated field.
But the fortune of the school took a sharp fall, largely due to the negligence by the All Progressive Congress (APC) administrations in Osun state over the course of twelve years, bringing it to the crisp of total collapse. This horrible reality was what Governor Adeleke saw during his visit, and as a leader who understood well the social and economical weight of a collapsed OdeOmu Cooperative College, he realised something must be done and very urgently.
And, right there, Governor Adeleke promised a total overhaul of the institutions deplorable infrastructures, restoring back the good old days. Initially, there were skepticism, especially by many who watched past assurances go unfulfilled, but nearly one year into that promise, the OdeOmu Cooperative College has risen from ashes.
At a brief ceremony to commission the newly rehabilitated OdeOmu Cooperative College on Wednesday, Governor Adeleke emphasised the significance of the school in powering the cooperative movement in the state and stimulating the economy. “Our administration devoted attention to the cooperative movement because it provides direct access to financing at the grassroots level. The mechanism ensures collective exchange of contributory funds. This platform helps to build many local businesses and support the artisans and market men and women,” Governor Adeleke noted at the commissioning ceremony.
For decades, cooperative societies played a significant role in bridging the gap in providing access to finance for the people outside the highly regulated banking system. While it is not a structured financial institution, it however, leverages a mechanism of collective exchange of contributory funds, to avail funding for starting businesses or expanding it, or any other purposes, including financing building houses.
However, the lack of adequate manpowers, necessitated by the unfortunate neglect of the OdeOmu Cooperative College, has drastically impacted the operationalization of cooperative societies. This scenario significantly impact access to funding, putting the people at the mercy of loan sharks and other unpalatable experiences as an alternative.
This is something Governor Adeleke was not prepared to allow to continue, hence, the bold effort to address the core issue. From the moment he assumed office, Governor Adeleke has not let in doubt of his resolve to simplify access to funding, an approach he believes will support many small businesses and stimulate the economy of the state.
A clear indication was the creation of a ministry to handle cooperatives movement, which was then followed by the hosting of the first ever cooperative summit in the history of the state. In outlining his administration’s effort to broaden financial access using the cooperatives movement as a platform, Governor Adeleke noted that his government has so far “injected one billion naira revolving loan into the cooperatives movement.”
Providing a breakdown of the investment, the Governor noted that “Five Hundred Million Naira was extended to the conventional Cooperatives under the Federation of Osun State Cooperatives Limited (FOSCOOP). Another Five Hundred Million Naira was disbursed to 370 Ward-Based Cooperative Societies. As at today, a total of 146 Cooperative Societies have benefited from the FOSCOOP loan while we have recorded 18,000 individual beneficiaries from the ward-based cooperatives. Before the end of the year, more funds are already available for disbursement to the cooperative movement.”
Quite impressive. From the look of things, Governor Adeleke was not only trying to rejuvenate cooperative societies, but to ensure that it survives. And already, the gains are manifesting as Governor Adeleke pointed out the commissioning of the revamped college that “I am elated that student application has grown beyond 100 since the revival was achieved.”
To cap it all, Governor Adeleke disclosed that his government will not be stopping at upgrade of the institution alone as he has “given a directive that the college in partnership with the Osun State University should start running a degree programme. I have been briefed that the process is ongoing.” This will no doubt, expands the horizons of opportunities and deepen financial inclusivity in the state.
In all of these, the host community will reap bountifully from the rejuvenated institution. At the time when the college was functional, OdeOmu enjoyed not just a boost in its social capital, but the economy of the town experienced incredible boom as a result of the commercial activities of students and staff of the school. The near collapse of the OdeOmu Cooperative College has taken all those away, which will most certainly return now that it has been rejuvenated by Governor Adeleke.
It will even get better with the potential of awarding degree certificate in partnership with the Osun State University as that means more students for the school. By and large, the rehabilitated OdeOmu Cooperative College will expand opportunities, both for the host community and the state as a whole that will gain the needed manpowers to drive the cooperatives movement, hence, deepening financial access for the people.
- Sarafa Ibrahim is a Special Assistant to the Osun State Governor and writes from Osogbo, Osun State. neyoclass09@gmail.com
