Cooperative membership not avenue for siphoning govt’s funds – Ministry of Commerce

By Praise Chinecherem

Ministry of Commerce and Industry in Anambra State has restated need for Cooperative Societies to render annual account at the end of the business year and to remite dues to government.

Director, Cooperative Department in the Ministry, Mrs. Nwabugo Okonkwo stated this yesterday during the celebration of international Cooperative day, themed, “Cooperatives, Partners for Accelerated Sustainable Development.”

She warned that membership to a cooperative society was not avenue for sipping government’s fund, but a means of assisting one another towards achieving collective goal interest.

She said, “Cooperative is a global wheel of economic development, no wonder this year has its theme as “cooperatives, partners for sustainable economic development”

“Emphasis is being laid continually that membership to a cooperative society is not an avenue for sipping governments fund, but rather a means of assisting one another towards achieving collective goal interest.

“The law establishing cooperatives as statutory body demand the rendering of annual account at the end of the business year and the remissions of dues to the government.

“We’re poised to encourage societies that operate accordingly as we shall be witnessing in the roll out of our activities today.

“We appeal to Societies to subject their activities to our field staff for the needed guidance and articulation of challenges.”

Earlier, Commissioner for Industry, Christian Udechukwu disclosed government’s plans to review the cooperative law targeted at amending and expanding it to make capital available to residents through the medium of cooperatives.

He reiterated government’s willingness to partner all cooperative societies in terms of funding, facilities and market creation.

He also announced plans to migrate government business online to assist the societies plan properly in order to avoid wastages and losses.

He said, “The current administration is reviewing the cooperative law with a view of amending and expanding it to make capital available to the people of the state through the medium of cooperatives.

“We want you to multiply your productivity from one hectare to 100 or more. We’re ready to back you up with necessary equipment and funding to expand your productive capacity.

“I’m aware that there are over 20,000 cooperative societies in the state. That’s good news. That shows our cooperative list is growing.

“We’ve also trained about 4,000 youths under the one youths two skills programme, who are already being integrated into about 400 cooperatives being registered to join the professional cooperatives of the state.

He added, “As a ministry, we’re ready, able and willing to partner with you so you can think through the process and ensure credit facilities being made available by government can be repaid on the agreed time line.

“We want you to be more ambitious and plan for growth and export because we’re ready for strong, strategic and productive partnership with all the cooperatives in the state.

“We want you to aggregate yourselves and productive capacity because the current administration is migrating government business online so we can help you plan and to avoid wastages and losses.

“If we know what you’re producing and when you’re harvesting, we can arrange with those who can buy off your produce to meet you at your farm and pay you the amount that is profitable.

“We’re not only planning to provide you with funds and equipment for you, but to create a market for you. So work towards excellence and productivity.”

President, National Population Commission (NPC), Staff Multipurpose Cooperative Society Limited, Dr. Joachin Ulasi described cooperative societies as government’s laudable initiative which he said had assisted members meet up their financial obligations as well as make investments where necessary.

“We have over 140 staff strength who are assisted with loans through their contributions deducted at source. Many of them have been able to achieve a lot through this arrangement which ordinarily they wouldn’t have achieved.

“As you know, the salary of an average civil servant is not enough. Besides, if you retire, you won’t start receiving anything till after one year. So the contributions serve as soft landing for that one year period.

“Some of us through the cooperatives have acquired landed property, others built houses while others have other investments,” he said.