‘Be prudent with Cooperative Societies funds’ AGF warns
By Patience Ikpeme
The Accountant General of the Federation (AGF) Dr Oluwatoyin Madein has called on Cooperative Societies in Ministries, Departments, and Agencies (MDAs) to practice financial prudence.
The AGF is concerned about reports of mismanagement of funds and irregularities in the operations of these Cooperative Societies within the MDAs.
Additionally, the AGF has asked the managers of these Cooperative Societies to formulate strategies that will increase member confidence and foster the growth of these societies.
This signifies the importance of ensuring transparency, accountability, and responsibility in the financial management and operations of Cooperative Societies within the MDAs.
During the inauguration of a water processing factory by the OAGF Staff Cooperative Society in Abuja, Dr. Oluwatoyin Madein highlighted the importance of Cooperative Societies.
She emphasized that these societies are designed to provide financial and other types of assistance to members, while also encouraging them to save for their retirement.
“Cooperative Societies in MDAs should fulfill their responsibilities and meet expectations” she said.
Dr. Madein expressed her delight and satisfaction with the accomplishments of the Association, applauding the OAGF Cooperative Society for their exemplary and responsible handling of funds, which has elevated them to a leading position among Cooperative Societies.
She urged them to maintain the exceptional standards they have established.
Dr. Madein also expressed her happiness with the Cooperative Society’s decision to invest in a water processing project, emphasizing the crucial nature of water and the significance of such endeavors.
Also speaking at the event, the President of the OAGF Cooperative Society, Idris Sule, expressed confidence in the project’s ability to generate employment, enhance member profits, and boost the Association’s financial resilience.
