Odua Cooperative Conglomerate Limited (OCCL) has called for business relationship with banks so as to create sustainable livelihoods by empowering communities.
The president of the group, Elder Bamidele Ajibode, stated this on Wednesday during a stakeholders’ meeting with First Bank, Wema Bank, and First City Monuments Bank (FCMB), which is aimed at building business and working relationships that would be for the mutual benefit of the stakeholders.
Ajibike added that small-scale businesses in the southwest cannot successfully thrive without a strong cooperative, saying that through loans at very low interest rate, Odu’a cooperative has developed many small-scale businesses in the southwest.
He disclosed that the organisation invited interested banks to reach out to them for discussions on how they could work together to achieve mutual goals.
OCCL is a cooperative organisation dedicated to promoting economic development and social welfare within the South West region.
The president who expressed optimism that the stakeholders’ meeting would achieve an unprecedented outcome, said that the cooperative has N50 billion worth of assets with more than 30 billion liquid cash contributions by cooperators across the southwest.
“As we continue to expand our operations and enhance our services, we recognise the importance of establishing strong partnerships with financial institutions and that is why we invite banks to explore collaborative opportunities that will foster mutual growth and benefit our members.
“Presently, we are having challenges with some banks that will require Corporate Affairs Commission registration before we can open an account with them. We have already told them that the Cooperative Act stands alone, and it’s spelt out who can register cooperative societies in each state.
“The Director of the Cooperative Societies has the right to register a cooperative society, and whatever certificate they issue is legal tender.
“Without a strong cooperative in South West, there will be no business; our cooperative society has supported small-scale entrepreneurs by giving them loans, some at single digits and some at very low interest rates.
“No cooperative in the South-West, no economy, no life. The peace we are enjoying in the South-West is because we have a strong cooperative society that encourages individual members to save and also access loans through which they develop their businesses at very reasonable interest rates.”
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