Prof Sani Adam, INEC National Commissioner, has advised Nigerian workers to embrace opportunities offered by cooperative societies to build better future for themselves.
Adam, in Charge of Health and Welfare Committee, gave the advice on Wednesday in Abuja, during the Annual General Meeting (AGM) of the INEC Staff Multi-Purpose Co-operative Society (ISMCS).
Adam said that cooperative society, through collective savings, offered opportunities for individuals to come together support one another and build a better future for themselves, especially in this difficult period.
“With the current economic realities, a cooperative society is a reliable option for you to save in the right place,’’ he said.
He advised the leadership of the cooperative society to expand its investment and financial base, and also consider setting up a microfinance bank for the benefit of members.
He also advised members of staff of the commission on the need to engage in good investments to meet their daily needs.
“We are Africans. We have a series of huge commitments that we did not ask for, but they are just waiting for you,’’ he said.
Adam called for change of mindsets among leaders and citizens to develop Nigeria.
He said that no nation was blessed like Nigeria in terms of mineral resources, adding that what the country needs is leaders that can sacrifice for the nation.
The Chairman of the cooperative society, Mr Nenrot Gana, said that during the 2023 financial year, the society recorded surplus of N21.656 million after deduction of expenses, as against the N17.883 million in 2022.
Gana also declared the sum of N12.782 million as dividends to be shared by members, as against N11.606 million declared in 2022.
He said that while the society recorded some achievements during the 2023 financial year, its operations was affected by inflation rate.
“The cooperative society experienced notable effects from inflationary pressures that influence its financial transaction, members engagement and our overall financial stability.
“The inflation rates remain elevated impacting on the purchasing power and the cost of goods and services,’’ he said.
Gana, however, said that the full automation and digitalisation of the society’s financial transaction had eliminated multiple loan requests by members.
He guaranteed members of their savings through the use of technology that would enable them to monitor their funds.
He urged them to take advantage of the packages offered by the society, while also looking towards to increasing their savings.
INEC Director of Administration, Mr Austin Nnamdi, while commending the leadership of the cooperative for its achievements, urged them to do more.
Nnamdi urged the society to prioritise members’ welfare, saying while cooperative is not for profit making, it cannot afford to run at lost.’’
He tasked leaders and members of the society on more innovation, accountability, collaboration, team work, and financial discipline.
“Cooperative money is not for party celebration because you are paying back with interest.
“You have to be careful how you spend money you take from cooperative. Let it be for profitable ventures including children’s school fees.
“Let us continue to work together to build a stronger, more resilience competitive society that benefits every member,’’ he said.(NAN)
