Cooperatives are to Submit their Accounts Annually for Audits and to Remit Dues to Govt.

The Anambra State Ministry of Commerce and Industry has restated the need for cooperative societies, to open their books for inspection and audits, present their annual statements of accounts at the end of each business year, and remit dues to the government according to the Cooperative Laws of the State.

The Director of Cooperative Services in the state, Mrs. Nwabugo Okonkwo, said this at the weekend during the celebration of International Cooperative Day with the theme: ‘Cooperatives, Partners for Accelerated Sustainable Development.’

We’re poised to encourage societies to operate accordingly. We appeal to them to subject their activities to the cooperative field officers from our ministry for the needed guidance and articulation of any challenges they might be facing.

She stated that membership in a cooperative society was not an avenue for siphoning members’ funds, but a means of assisting one another towards achieving a collective goal and interest.

Okonkwo said: “Cooperative is a global phenomenon, a wheel of economic development. No wonder this year has its theme as ‘Cooperatives, partners for sustainable economic development’.

The Honorable Commissioner, Christian Udechukwu disclosed the 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 the government’s willingness to partner with cooperative societies in terms of funding, facilities, and market creation.

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

President of the National Population Commission (NPC), Staff Multipurpose Cooperative Society Ltd in Anambra state, Dr. Joachin Ulasi, described cooperative societies as a laudable initiative, which he said had assisted members to meet up their financial obligations as well as make investments where necessary.

“We have around 140 Staff strength in the Anambra office of NPC under my watch and the majority of our staff have built their houses, acquire landed properties across the state, particularly, at Mbaukwu in Awka North Local Government Area of the state through the help of Cooperative.

“Our monthly contributions are deducted as source by IPPIS and the main purpose is to help the staff of NPC through loans which we normally give at 6-months, 1-year and maximum of 2-year intervals. And many of our staff have been building houses and solving their personal problems. To be honest, without the Cooperative, many of our staff could not have achieved what they have achieved individually and collectively now.

“You know the salary of NPC staff is not all that many, but because of the Cooperative, we are able to achieve a lot. Many of our staff that have retired are using the Cooperative money as a soft landing why waiting for their retirement benefits from the government.

“So, I enjoined Nigerian workers including Journalists to joined or form Cooperative societies for the future sake,”Ulasi concluded