The Nigeria Security and Civil Defence Corps, Osun State Command, Staff Cooperative Investment and Credit Society Limited celebrates her Annual General Meeting in a grand style.

All members of the CICS across the country came together on Saturday the 9th of March, 2024 at the Cooperative Building NSCDC Zone J Headquarters Osogbo to receive account of stewardship for 2022 and 2023 financial year and also to usher in a new administration that will paddle the affairs of the society for the next two years.

In his speech, the outgoing president, Ogundoyin Ayodeji O (ACC) appreciates almighty God for the privilege to serve.

Extract from his speech follows thus:

“I appreciate the State Commandant our Patron, in person of Commandant Adaralewa Michael Akintayo MBA, FIDMSS, MCSN, PhD for the support we have received so far within the little time he assumed the leadership position of Osun State Command.

Today is another day to review the activities of our society in the last two years (2022 and 2023 financial years). This day will also usher our society into a new administration under the leadership of Akinola Kayode Waheed (DSC). Going back the memory lane, we have reasons to appreciate God. This is a society that was struggling some years back to survive, but today, we are back on our feet, leaving that phase where we were struggling to survive, to a phase of triumph. Kudos to the past executives for their commitments to the sustainability of this society, to all faithful and committed members, to my executive members and staff of the society, I acknowledge you all.

Looking to the future, some stringent measures must be put in place to sustain us and ensure we continue soaring. I pray that Almighty God, who has helped us thus far will continue to uphold our society to the next phase of greatness.

MANAGEMENT REPORT:

We appreciate those who stood by us throughout our administration. I appreciate the executives and all the staff of our cooperative for the unwavering support throughout our tenure. Despite our diversity, we formed a very formidable team in order to achieve the feats we attained today.

The financial statements for years 2022 and 2023 under review, presented to you today have been scrutinized, audited and affirmed by the Ministry of Commerce, Industry, Cooperative and Empowerment, Osun State.

DIVIDEND POLICY:

The Net Surplus for the year 2022 and 2023 are N31,201,009.17 and N32,017,987.19 respectively, out of which N16,848,544.95 and N17,289,713.08 have been appropriated as dividend for the years under the review. The approved dividend per N1 saving is 0.0285k for the year 2022 and 0.0262k for the year 2023.

OPERATIONAL REPORT:

The sum of N238,730,000 and N322,973,000 were disbursed as loans (real loan, emergency/financial assistant, and soft loan) for 2022 and 2023 respectively. These excluded food commodities, and other financial engagements for the welfare of the members.

EMPOWERMENT PROGRAMME:

For the years under reviews, our society took a giant step as regards our efforts to empower our members. Seven (7) Suzuki Minibuses Korope, three (3) Toyota Corolla cars, one (1) Toyota Highlander Jeep and one (1) Keke NAPEP, Mouka foam Mattresses were sold out to members. Roofing sheets valued at N16,732,500 were also given to members. In addition, electrical household appliances and mobile phones were given to members at affordable prices.

It is noteworthy that all these projects were executed through Internally Generated Fund. The Society did not obtain credit facility from any financial institution. Nothing is impossible if we remain steadfast and focused.

DEFAULTERS:

Defaults in the years under review, especially year 2023 increased drastically. This could be traced to the nationwide reduction in purchasing power and failure of the affected members to adjust to this economic trend. Efforts to give some of the affected members soft landing yielded little result because many are deeply indebted to several financial institutions, online loan sharks in particular.

In view of this, members are advised to be mindful of their financial commitments to prevent defaults. More than 190 members were expelled or compulsorily withdrawn from the society because they perpetually defaulted, this is in compliance with Congress resolution to expel and impose penalty on defaulters.

SOUVENIRS:

To give value for money saved and encourage members to increase their savings, the executive members strived to secure suitable souvenirs that would meet the need of committed and faithful members. The souvenirs are in two categories, putting into consideration the years of membership and the total saving of individual members.

Congress resolutions shall be imposed against members on deferment and restructuring, same shall apply to the expelled and those compulsorily withdrawn from the society. This is to encourage committed members to be faithful in their financial obligations.

Sadly, with the prevailing economy situation, our society may not be able to cope with the cost implication of souvenirs in the future. The souvenirs cost the society some N37,500,000. Category A: 1300 units at the rate of N26800 and Category B: 400 units at the rate of N6650.

In view of this, it is recommended that members endeavour to contribute certain amount as may be agreed to support the procurement of souvenirs in the future. This resolution was adopted by Oyo State Command.

ALAJESEKU SEARCH ENGINE:

The introduction of Alajeseku Search Engine has strengthened our internal control system. It facilitates preparation of records, promotes transparency, and avails members real time access to their financial records. I appeal to members to sustain this system.”

In conclusion, he also appreciated all the past patrons of the command, all the members who supported them to have a successful tenure and wish the incoming administration greater achievements.

In his maiden speech, the president of the incoming president, Mr. Akinola Kayode Waheed acknowledged God for counting him worthy to become the 7th President of the society. He appreciated those who voted him to become 7th President of the society. He said “I also want to appreciate other contestants that participated in the just concluded election. I want everyone to know that there are no LOSERS, we are all WINNERS.” He said further, “However, after the politics has gone, the next phase is good governance. I want to implore all our members irrespective of our differences to come together with one mind and a common goal to ensure that our society will continue to soar higher.” He also said, “My administration will appreciate constructive criticisms. These will help us to remain focused towards achieving our intending goals. I want to appeal to our members to avoid bitterness against ourselves, spreading unconfirmed or false information. Remember that, divided we fall, united we stand. I want to assure you that, my administration will run open door policy system. Your advice towards achieving our goals will be highly appreciated. This administration is for everybody and not for a selected people. Every member will be treated in good faith.”

The meeting was graced with presentation of awards to outstanding members, clients of the society and executive members. Goodwill messages were also received from the Director of Ministry of Cooperative and Empowerment, Osun State, and past presidents of the society.

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