As Nigeria navigates its way through prevailing economic turbulence and things are getting worse everyday, many people are looking for ways to help themselves to salvage the situation, then relief has come the way of such people with the establishment of an Islamic based group – Otito Inu Cooperative and Credit Society which accommodates both low, medium and higher income earners.
At the 2025 Annual General Meeting and Zonal Empowerment Programme organised by the Progressive Forum 006 held at Alake Primary school, Eleta, Ibadan on Wednesday 20th August, 2025, no fewer than 100 members of the group were empowered with different materials such as gas cookers, grinding machines, deep freezers, plasma television, mattresses, iron roofing sheets, iron doors, washing machines, soft drinks and other household items at the event.
The event organised by forum 006 with no fewer than 40 zones was a gathering of traders, and few other artisans mostly women who have come together to help boost their businesses and take good care of their needs.
In his welcome speech, the Chairman of the forum, Hon. Saheed Olameto stressed that the society’s sole purpose is to provide accessible loans to small businesses without collateral and with no interest whatsoever.
His words: To qualify for a loan, a member must maintain a consistent attendance for six months and must have saved up a certain amount before he/she can be eligible for credit.
The credit taking is expected to be paid back within 6-10 months or more depending on the amount involved as savings and loans requested.
The borrower must have at least two guarantors who are members of the society that will stand for him/her before accessing the loan.” He said.
In his lecture at the event, an Islamic scholar, Sheikh Dr. Abdulakeem Abdulateef from Lagos spoke on the Islam perspective to obtain loan and repayment.
He commended the group for having such an arrangement for loan facilities that comes with no interest and peace of mind for members.
He, however advised beneficiaries and members not to abuse the privilege with the mindset of not repaying the credit taking and avoiding frivolous spending on social ceremonies.
Also speaking, the chairman of the day, Hon. Mojeed Olaoya enjoined the group to always come to the aid of its members who face difficulty in the payment of their children’s tuition fees and other household expenses.
The highlight of the event included presentation of awards to some individuals in recognition of their contributions to the society and humanity as a whole. Among them was a chieftain of the All Progressive Congress, Hon. Akeem Olatunji Akogun.
In attendance were the National President of the Society, Alhaji Abdu Rahman Abiola Zico and its National Secretary, Alhaji Abdullah Olajide Alli.
Others include Alhaji Mufutau Adisa Gbayawu, Alhaji Nurudeen Olasupo, Barr. Akeem Agbaje who was represented at the occasion and others.
