Atunto Osun Cooperative Society, peaked on Wednesday, February 08, 2024, with the presentation of N10 million cheque to members of the Cooperative Society in Iwo, Osun state.
The cheque presentation event, well attended by dignitaries and leaders from the nooks and crannies of the ancient town, held at the Iwo city hall.
The Atunto Osun Cooperative Society, majorly financed by a Chieftain of the People’s Democratic Party, PDP, Prince Dotun Babayemi, was launched on December 08, 2023, to provide a platform for the small business owners at the grassroots in the 774 local government areas for economic growth.
Addressing journalists at the event, Babayemi noted that the cooperative arm is a citizen-driven initiative to help secure a means of capital for the people to be able to own and grow their businesses at this economically hard times.
“The object here is not something that was driven by myself but something that came from the grassroots. They want a forum where they can express themselves. They want an avenue where they can seek for their betterment,” he said.
Mr Babayemi said that the money, which would be given to the petty traders under the cooperative, would be used to expand their business, adding that economic development of the grass-roots was important.
On the present economic situation in the country, the former Osun State Governorship aspirant stressed the need for grassroot empowerment.
He called on those in positions of authority to ensure that the funds meant for the local councils get to them for judicious use.
The National President, Atunto Osun Cooperative Society, Dr Emmanuel Monye, said the cooperative has been established in all the 774 local government areas in the country.
He said those willing to join the cooperative must have come together for 90 days before they can benefit, adding that it is a mutually assured cooperative.
“The people have owned it themselves, and I must tell you that since the launch in December, we now have over 127,000 registered members now,” he said.
He added that with the release of funds to members in Iwo, it is now the turn of other local government areas who are fully ready to take advantage of the initiative.
Some of the beneficiaries, however, commended Omo-Oba Babayemi for the gesture, stating that it would go a long way in boosting their businesses.
Dignitaries at the cheque presentation include, a former Deputy Governorship candidate, Kunle Jimoh, Elder Alao Johnson Toogun, Engr Toye Ogungboyega, Dr Emmanuel Monye, Basorun Desmond Adekanola, among others.