To address this, Babalola established two cooperative societies with N200 million to provide low-interest loans of at least N100,000 to 2,000 people at a 5% interest rate, compared to over 20% charged by banks.

Speaking at the Annual Afe Babalola Day held at the palace of the Ewi of Ado Ekiti, Oba Rufus Adeyemo Adejugbe, Babalola announced an additional N100 million donation to the cooperatives, following his N250 million contribution in 2024. 

He urged wealthy Ekiti indigenes to support the initiative to combat unemployment and poverty. “I am happy the two societies are functioning well,” he said, emphasizing their role in uplifting communities.

Ekiti State Governor Biodun Oyebanji, represented by Deputy Governor Mrs. Monisade Afuye, praised Babalola’s legacy in human capital development through his legal career and ABUAD, which employs thousands and enhances careers nationwide. 

“Chief Afe Babalola has immortalized himself through his investments in people,” Oyebanji said, highlighting the philanthropist’s rise from humble beginnings to a global icon through industry, innovation, and generosity. 

He also noted Babalola’s advisory role in supporting smooth governance in Ekiti.Babalola, reflecting on his contributions, recalled his role in the 1996 creation of Ekiti State to foster economic growth and human development. 

He expressed gratitude to the event organizers for celebrating his efforts.The Ewi of Ado Ekiti, Oba Adejugbe, lauded Babalola as a role model whose generosity and communal spirit inspire younger generations. 

He noted Babalola’s status as Ekiti’s highest individual taxpayer, second-largest employer through ABUAD, and a leading philanthropist whose contributions continue to shape the state and Nigeria.