The President of Accord Thrift and Investment Cooperative Limited, Mr. Simon I. Awan, has said that its goal under his leadership is to create a brand that is synonymous with excellence.
Mr. Awan stated this while addressing members at the 10th Annual General Meeting of the ATICS Limited held recently in Abuja.
Said he: “We tap from the Central Bank of Nigeria Financial Inclusion Product Mortgage Bank of Nigeria Cooperative Housing Window as driven by our parent bodies, the ABCOF/CFAN as well as other development partners like the International Finance Infrastructure Ltd and Cooperative Development Foundation managed by our own members Elder Walter Ahrey and Elder Jonathan Dangwaram respectively for Agricultural development among others.”
The president announced that the society made a surplus of nine million eight hundred and fifty thousand seven hundred and forty-Eight (N9,850,748) naira at the end of the year ended 31st December, 2020.
He added, “The auditor recommends that the surplus fund be appropriated in line with the Accord Thrift and Investment Cooperative Society Ltd Appropriation Policy. Thus will go a long way to attract new members to invest more, which will result in more funds for investment activities and more surpluses for distribution.
“The Trustees therefore, recommend for your approval sharing formula in accordance to the bye-law as follows: 25 percent Reserve; 1 percent Audit and Supervisory fee; 5 percent Education; 5 per cent honourarium; 7 percent welfare/AGM; 5 per cent staff; 50 per cent dividends and 2 per cent Depreciation.”
According to Mr. Awan despite the overwhelming economic challenges and COVID-19 pandemic crisis, the cooperative made giant strides in sustaining its focus and determination to pursuing and achieving value for members.
He disclosed that members’ savings grew to one hundred and twenty-one million, nine hundred and eighty-four thousand, two hundred and sixty naira.
On loan administration, he said “The Cooperative has given out loans to the tune of Tw Hundred and Fifty Eight, Four Hundred and Fifty Three Thousand, Four Hundred and Twelve naira (N258, 53,12.00) to 157 members and have recovered One Hundred and Fifty One Million, Seven Hundred and Eleven Thousand, Tw Hundred and Eighty Four (N151, 711,284.18) as at 31st December, 2020 with an outstanding of One Hundred and Six Million, Seven Hundred and Forty Two Thousand, One Hundred and Twenty Seven naira, Eighty Two kobo (N106,742, 127.82).”
While thanking members who had been prompt in servicing their loans which he described as “their show of discipline and honesty”, Awan assured that the reward for such is “more loans and awards in the future.”
He however stated that defaulting members are “creating an atmosphere of delinquency that could impact negatively on our performance. Hence, we shall recourse to their balances if not enough then we shall be left with no other option than to fall back on their guarantors’ balances to offset the outstanding loans.
“Please take note and be guided accordingly as Article 15 of our Bye-Law shall be applied to recover loans from such defaulters.”
On the issue of consumer operation, the president said, “Christmas sale of essential commodities to our Cooperators and the entire Church has continued to yield a positive result. We hope to make it a regular affair keeping with the tradition of our parent bodies, the ABCOF/CFAN on the cooperative family feeding program which provides access to food for members as a credit facility at affordable rates while creating opportunities for jobs within the agriculture value chain to attain the SDG 1 goal as it concerns extreme hunger and poverty.”
Accord Thrift and Investment Cooperative Society Limited was established in August 2009 with the vision to create prosperity for members by God’s inspiration and to enhance the welfare of members, the Church and others through the creative application of Biblical principles.
In line with the Bye-Laws of the ATICS Ltd, membership is open to all members of the Men Fellowship. The drive to include other members of the church did not start until when it was approved at the AGM of May 28, 2015. The membership was further extended to other ECWA members at the 2018/2019 Annual General Meeting and approved. The membership has since grown to 213 as at December 31, 2020 with high positive prospects.
Culled from the November 2021 edition of CoopWatch Magazine