…gives out N183m loans in 2months
By Matthew Denis
Omowunmi Multipurpose Cooperative Union (OMCU) in Ilorin, Kwara State has concluded plans to partner Federal Mortgage Bank of Nigeria (FMBN) on housing scheme loan.
The cooperative society has also doled out the sum of N183m between the months of March and April, 2018.
OMCU, which is one of the largest cooperative societies in the state gave out the sum of N103m and N80m to members in the month of March and April respectively.
The President of the cooperative society, Alhaji Ibrahim Yusuf made the disclosure during an interview with Pilot Business at the weekend
He said,”We are partnering Federal Mortgage Bank of Nigeria on housing scheme loan. We want our members to benefit low cost housing scheme in the state.
“We were asked to get land and present necessary documents, which we have done. We have been given Certificate of Occupancy (C of O) and expecting final approval for the loan from the bank,” he explained.
The President who spoke through the Accounting Officer of the Cooperative, Ibrahim Mohammed said OMCU was recording monthly turnover of between N95 to N100 million before the economic recession.
On loan disbursement he said, “In the month of April alone we gave out about N80 million to our members as loans, while in March we disbursed N103million. We charge N10 on every N1000 as interest rate.”
As part of the social responsibility of the cooperative society, he noted it embarked on capital projects for the benefit of members of the public such as the 40- unit hostel built at Kwara State University.
Yusuf added that the cooperative that celebrated its 30th anniversary recently can boast of 4,000 members and 67 societies under its management.
However, he called on the state government to provide basic amenities such as electricity, good road network, portable water supply among others to woo more investors to the state and boost economic activities of artisans.
