President of the National Open University of Nigeria Multi-Purpose Cooperative Society, Dr. Bala Lazarus, has reiterated the importance of property investment for members of the society.
Lazarus said this on Thursday, August 29, 2024 at the University Conference Centre, NOUN headquarters, Abuja during the society's Ordinary General Meeting.
While giving the analysis on diverse land property obtained by the cooperative, Bala stressed on the Pauko land which was bought for some period of years with so much money invested in to the land.
He said his administration has spent over N200,000,000 on landed property as it will bring so much funds to the cooperative once deductions commenced.
The president expressed his concern about members who have got lands and have refused to submit their details for deductions, saying that such members should be called out and deductions should commence so as to generate money for loans disbursement.
He mentioned the Asaba land sales which have been opened to members and non members of the cooperative, assuring that members of the cooperative would be given land at discounted rate.
Lazarus, however disclosed that Lugbe land is the biggest investment of the cooperative for now as it is a multi-million Naira investment. "We are at a point where we are beginning to survey and give physical allocations to subscribers and few of the lands are available for sale."
He promised 40% discount to members of the cooperative and also assured that the credibility of the cooperative will be restored.
The society's Vice President, Mr. Bashir Gimba, appreciated the management for the stores issued out to the cooperative for sales of food items, even as he apologised to members who were issued bad grains.
Gimba appealed to those who can invest to do so because, according to him, more hands are needed.
Speaking further, Gimba said arrangements will be made for all study centres across the nation so that they can enjoy this privilege.
On the other hand, the Financial Secretary, Audu Rosemary, stated that shares represent ownership as she called on members to buy shares.
She encouraged members to obtain at least 50units of those shares, lamenting that so far, only few members have purchased additional shares.
representative of the Stanbic IBTC, Mr. Adeyemi Olatunde, was invited by the cooperative president to address members concerning loan affairs, where he stated that the NOUN cooperative is one among the biggest cooperatives in the country.
He added that Stanbic IBTC wants to partner with NOUN cooperative to provide loans to members.
Olatunde opined that his firm would bridge the gap between NOUN and its members by providing funds for loans disbursement since the cooperative battles with delivery of loans to her members.
Dr . Moses Shabiu and other members of the cooperative asked questions and needed clarification on Stanbic IBTC loans offers and answered were provided on the grey areas by the representative.
The president, in his closing remarks, appreciated the management and Vice- Chancellor, Prof. Olufemi Peters, for the opportunity given to the society to host its meeting in the University Conference Centre.
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