From Taiye Joseph, Ilorin
The Kwara State House of Assembly, has moved to regulate the operations of cooperative societies in the state, directing the Ministry of Business, Innovation and Technology to clamp down on those operating without registration.
This decision followed a motion raised by Hon. Odetundun Olushola (Irepodun Constituency), who expressed concern over the growing number of unregistered cooperatives and the potential financial risks they pose to unsuspecting members of the public.
“There is a growing number of cooperative societies in Kwara, but many of them operate without any legal backing. This puts the savings and investments of our people at great risk,” Olushola stated.
The Speaker, Engr. Yakubu Danladi-Salihu, in his remarks, called for a comprehensive review of the registration process for cooperative societies to make it more transparent and accessible, thereby encouraging compliance.
Hon. Lawal Ayanshola Saliu (Ipaye/Malete/Oloru Constituency), who co-sponsored the motion, emphasised the need for public enlightenment on the benefits of dealing with registered cooperatives.
The lawmakers also urged Governor Abdulrahman Abdulrazaq, to direct the Ministry of Communication and local radio stations to promote only registered and credible financial institutions to protect citizens from fraudulent schemes.
In a related development, the Assembly took a significant step towards reforming the power sector with the first reading of the Kwara State Electric Power Sector Bill.
The proposed legislation aims to support independent power projects in electricity generation, transmission, and distribution, thereby improving power supply and stimulating economic growth across the state.
