Enugu: College Co-operative Declares N15. 5M Profit in 2 years

       BY SPECIAL CORRESPONDENT

Staff Co-operative Thrifty and Credit Society Limited, Federal College of Education, Eha-Amufu in Enugu state has declared over N15. 5M profit in two years, covering 2019 and 2020 fiscal years.

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This was disclosed to the public by the co-operative auditor, Mr. Benainah Chibuike Udechukwu during the 2019 and 2020 combined Annual General Meeting, AGM; and the inauguration of the newly elected management team and the scrutinizers of the society in the institution.

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Mr. Udechukwu said he arrived at the figure after assessing the available essential books and records, assets and liabilities of the society, which according to him was in accordance with section 98 of Nigeria Co-operative Societies Laws {Act} of 2004 {as amended}, the Regulations, Society’s bye-laws and Audit guide for Co-operative Societies.

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Given the breakdown of the profit, the college co-operative As uditor said the society recorded N10.7M profit on ordinary savings in 2019 and N4.8M in 2020. He however pointed out that the low profit made in 2020 was due to the new system of salary payment by the Federal Government, the Integrated Payroll and Personnel Information System, IPPIS, adopted at the beginning of the year and the COVID 19 pandemic which adversely affected the nation’s economy.

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According to him, it was difficult to collect the actual members’ deductions and adjustments from banks as there was no clear cut direct deduction of loans owed by the co-operators. While appealing to those that are still with the co-operative loans to hasten up and pay their debts, Mr. Udechukwu urged the members to increase their shares and savings for better profit yielding.

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Earlier in a valedictory speech, Malam Musa Baba Yahaya, the immediate past President of the society, described the event as a monumental one in the annals of the co-operative society, pointing out that it was the will of God that it would hold after some delays.

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Yahaya noted with joy that after serving the body from 2008 to 2023 and as the pioneer president, that he handed over to a woman who is known for her integrity and good financial management.

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According to him, despite the enormous challenges encountered at the foundational stage of the society, that he and his team were able to make landmark achievements.

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According to him, under his watch, the co-operative society instituted a sustainable poverty alleviation mechanism among the staff members, assisted members to undertake projects which ordinarily would have been difficult for them to execute, acquired 155 plots of land for members in Eha-Amufu, Enugu and Nsukka.

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It also provided soft landing arrangement to retired members through quick payment of their savings to help absorb the shock of cessation of salaries while they await their retirement benefits from government; among other achievements.

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He however noted that un-streamlined and haphazard payment of monthly contributions and non-remittance of loans by members in some banks since inception of the Integrated Payroll and Personnel Information System. IPPIS, have been the greatest challenges bedevilling the smooth running of the co-operative society.

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Malam Yahaya advised members of the body to be prompt in the payment of their contributions and repayment of loans to avoid any act that could jeopardize the aims and objectives of forming the society.

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He thanked the College Management, the co-operative’s supervising ministry, the co-operative’s Auditor, his management team and the entire co-operators for their support and urged them to also co-operate with the new administration.

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Meanwhile, Dr. Eunice Nonye Anumudu was sworn-in as the second substantive elected president of the society with eight others as the management committee members and three Scrutinizers.

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They were Dr. Livinus Odo – vice president, Dr. Vincent Davison- secretary, Rosemary Aboh- treasurer and Michael Agaba as the financial secretary. Others were Benardine Onugu, Lawrence Isienyi, Dr. Clement Eze and Dr. Wilfred Eze as members. The three scrutinizers were Celestina Ezea, Dr. Grace Ngwu and Felix Mbagu.

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In an acceptance speech, Anumudu, on behalf of her team, said the college co-operative has come to stay, adding that it would serve as the life wire for the members, considering the prevailing economic hardship that is biting hard on average Nigerian worker, especially the low income earners.

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She therefore called on civil servants in the country to embrace co-operative societies in their respective institutions for better investments and meaningful life changes.

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‘’It is only through joining co-operative society that a civil servant under the present day economic situation in the country can make savings and other meaningful life changing achievements.

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Staff who are not yet members are enjoined to embrace co-operative societies so that they can save money for investments, access soft loans to executive reasonable projects and be able to retire without undue financial stress’’, she said.

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While expressing her administration’s preparedness to serve the members of the co-operative society with diligence and commitment, Anumudu pledged to work in harmony with her management team.

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She thus solicited for the cooperation of the entire members of the group, emphasizing ‘’we need your cooperation in the areas of candid advice, prompt payment of dues and outstanding loans for those that owe the co-operative society’’.

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In a remark, the Provost of the College, Dr. Mrs. Ngozi Ikwuegbu, who was represented by the Dean, School of Education, Dr. Mr. Mercy Nnamani commended Malam Yahaya and his team for what she described as ‘’the excellent performance and achievements of his administration’’.

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‘’The co-operative society did not collapse under Yahaya and hopefully that it won’t collapse under the administration of Dr. Mrs. Anumudu’’, she said.

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She therefore charged the new executives to emulate the past administration’s footsteps, adding that they should see dialogue as their watch word in conflict resolution.

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The Provost assured the Anumudu led team that the College Management would give them the necessary supports to excel.