Folashade Ambrose-Medebem Conferred CRASoN National Patron

…Affirms Lagos State Support for Cooperative Societies

Mrs. Folashade Ambrose-Medebem, the Honorable Commissioner of the Ministry of Commerce, Cooperatives, Trade & Investment Lagos State, was recently conferred with the title of National Patron of CRASoN at the 5th National Cooperative Awards, Patrons Investiture Ceremony, and Dinner/Banquet event.

The ceremony took place on Sunday 19th November 2023 at the prestigious NECA Event Center located in the Central Business District of Alausa, Ikeja, Lagos State. Mrs. Ambrose-Medebem was the Host State Commissioner and Special Guest at the occasion and was represented by the Lagos State Director of Cooperative Services from the Ministry of Commerce, Cooperatives, Trade, and Investments.

The event was well-attended and was aimed at recognizing the efforts of cooperative societies across the country. During her address, Mrs. Ambrose-Medebem affirmed Lagos State’s support for cooperative societies, emphasizing the vital role they play in boosting the state’s economy.

Also, as part of her goodwill message, she said, “The theme of this year’s event, “Reimagining Cooperative in Nigeria: Our Success Stories, Challenges, and the Way Forward”, is not just timely, but also pivotal for the continued growth and advancement of the Cooperative Movement in our great nation.”

“Nigeria is blessed with vast resources and resilient populace and has witnessed and continues to feel the formidable impact of cooperatives in various sectors, from agriculture to finance and beyond. With cooperative societies creating over Six Hundred Thousand new direct jobs for Nigerians nationwide and contributing over 1.2 trillion naira to Nigeria’s Gross Domestic Product, GDP, every year, the success stories are countless and have played significant roles in the socio-economic development of many communities across the country. It is commendable to see the dedication, teamwork, and innovation that have emanated from our cooperative societies.”

She further stipulated “that, as we celebrate these achievements, it is equally essential to confront the challenges faced by cooperatives. It is only by acknowledging these hurdles that we can chart a course toward overcoming them and forging a brighter future for cooperators and the Cooperative Movement.” She therefore encourages a proactive approach, one that focuses on capacity building, leverages technology, fosters inclusivity, and champions sustainable practices, to redefine the cooperative landscape in Nigeria.

The Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Ambrose-Medebem however, gave the reassurance of government commitment to upholding cooperative practices and supporting the further growth of the Cooperative Movement on behalf of the Governor Babajide Sanwo-Olu’s administration at the event.

She affirmed that the Ministry under the Sanwo-Olu administration remains committed to creating a conducive environment for cooperatives to thrive.

She stated that the ministry will continue to collaborate, provide essential resources, supervise and create policies that will ensure the growth and development of the Cooperative Movement in the State.

“A very notable step we have taken to protect Cooperators from losing their precious investment was the introduction of the Cooperative Insurance Scheme. This was initiated with a consortium of Insurance companies to insure the investments of Cooperative Societies and mitigate losses that could occur in the course of their operations. We have also been propagating the need for societies to key into the scheme.

“We have also deployed the Cooperatives Portal Software Solution to automate the management of cooperative societies, with an online data bank application that houses the data of the societies, leading to improved efficiency and eliminating bottlenecks of the previous system.”

To address the many complaints by cooperators against their Executives, the Commissioner said a Mediation Team has been set up by the Ministry to carry out the resolution of crisis within and between Cooperative Societies and also conducts special investigative audits in case of allegations of fraud and collates all information relating to the annual targets set for each Area Office.

Furthermore, she said the Cooperative School Club has been established in 12 public schools to encourage teenagers and youths to form themselves into groups, based on the Cooperative ideology of self-help empowerment while deepening cooperative practice in the State, as efforts are ongoing to spread the initiative to other schools to catch them young.

About CRASoN & the National Cooperative Awards

CRASoN – The Cooperative Rating & Award Society of Nigeria is a value-based Rating and Award Institution founded on the universal principles of cooperative and its ethical values to monitor, track, evaluate, and report the economic performances and social impacts of cooperative societies with other initiatives geared to raise their profile to policymakers, researchers, manufacturers, development partners, governments and NGOs amongst all stakeholders.

They set up the National Cooperative Awards with the sole aim of celebrating excellence in Cooperative leadership in Nigeria, showcasing Cooperatives and Cooperator’s contributions to the economy, including their social impact on their members and the community in which they operate. Also, creating awareness for the cooperative sub-sector. The Awards seeks to foster healthy competition and cooperation among cooperative societies to create efficiency and effectiveness in their operations. It promises to revitalize, refocus, and spur even development among cooperative societies in Nigeria to achieve their fundamental objectives of building social cohesion and virile MSMEs to serve as engines for inclusive growth and diversification of the economy.