Cooperative Societies in MDAs Urged to Entrench Prudence in Funds Management – AGF

….Commends OAGF Cooperative Excos on shrewdness in the management of the society affairs

Amidst reports of embezzlement and misappropriation of funds and other anomalies in Cooperative Societies operating within the Government Ministries, Departments, and Agencies (MDAs) across the country, especially at the FCT-Abuja

The Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein has implored all Cooperative Societies in MDAs of government to entrench transparency, integrity, and prudency in the management of funds and also evolve strategies that will boost member’s confidence and aid the development and growth of their Cooperative Societies.

Dr. Madein said Cooperative Societies are supposed to provide financial and allied support and encourage members to prepare for retirement through savings; advising that Cooperative Societies in MDAs should live up to expectations of their members.

The AGF, who spoke at the commissioning of a water processing factory executed by the OAGF Staff Cooperative Society, in Abuja, expressed delight at the feat achieved by the organization.

According to her, the OAGF Cooperative Society has set a high standard with the efficient and prudent management of funds, an action she said has put them at the forefront of Cooperative Societies. She said the organization should endeavor to maintain the standard they have set.

Dr. Madein applauded the initiative of the Cooperative Society to venture into a water processing project because “water is life and no society will survive without water”; and advised that the same zeal should be employed in the execution of ongoing or proposed projects by the Cooperative Society.

Speaking at the occasion, the President of the OAGF Cooperative Society, Mr. Drisu Sule appreciated the AGF and other management staff for their support and encouragement given to the society always. He further expressed optimism that the project will create job opportunities, increase the dividends paid to members, and strengthen the financial base of the Association.