Odu’a Cooperative Conglomerate Limited (OCCL) Seeks Strategic Partnerships with Banks to Boost Economic Growth

Odu’a Cooperative Conglomerate Limited (OCCL) has extended an open invitation to banks for strategic business relationships aimed at empowering communities and fostering sustainable livelihoods.

The President of OCCL, Elder Bamidele Ajibode, made this call on Wednesday during a stakeholders’ meeting with First Bank, Wema Bank, and First City Monument Bank (FCMB). The session focused on building mutually beneficial collaborations that would strengthen small-scale businesses across the South-West region.


Ajibode emphasized the critical role of cooperatives in driving economic growth, stating that small businesses in the South-West cannot thrive without strong cooperative structures. According to him, OCCL has significantly contributed to business development in the region by providing loans at very low interest rates, thereby supporting entrepreneurs and startups.

A Call for Financial Partnerships

To expand its impact, OCCL is inviting interested banks to initiate discussions on potential collaborations. The cooperative currently boasts N50 billion worth of assets and over N30 billion in liquid cash contributions from its members across the South-West.

"As we continue to expand our operations and enhance our services, we recognize the importance of establishing strong partnerships with financial institutions. That is why we invite banks to explore collaborative opportunities that will foster mutual growth and benefit our members," Ajibode stated.


Addressing Banking Challenges

The OCCL President also highlighted challenges faced by cooperatives in opening accounts with some banks due to Corporate Affairs Commission (CAC) registration requirements. He clarified that cooperatives operate under a distinct legal framework, emphasizing that:

“The Cooperative Act is independent and clearly defines the registration process for cooperative societies in each state. The Director of Cooperative Societies has the legal authority to register cooperatives, and any certificate issued by them is a recognized legal tender.”

The Power of Cooperatives in the South-West

Ajibode reiterated that cooperatives play a crucial role in maintaining economic stability and social peace in the region. Through a robust savings and loan system, OCCL has empowered numerous small-scale entrepreneurs, providing them with accessible credit at favorable rates.

“No cooperative in the South-West, no economy, no life. The peace we are enjoying today is because we have a strong cooperative movement that encourages individual savings and offers affordable loans to develop businesses.”

Moving Forward

With this renewed push for banking collaborations, OCCL aims to expand financial access for its members, drive business growth, and strengthen economic resilience across the South-West. The organization remains committed to creating a thriving cooperative ecosystem that supports entrepreneurship, financial inclusion, and regional prosperity.

#Odu’aCooperative #OCCL #SouthWestNigeria #CooperativeBanking #FinancialInclusion #SMEs #EconomicGrowth #CooperativeSocieties #BusinessPartnerships #CommunityEmpowerment

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