The Accountant General of the Federation, Dr. Oluwatoyin Madein has tasked the Cooperative Societies in Ministries, Departments, and Agencies (MDAs) of government to entrench prudence in the management of funds and also evolve strategies that would boost member’s confidence and aid the growth of the Cooperative Societies.
Director, Press, OAGF, Bawa Mokwa in a statement on Wednesday quoted the AGF to have given the tasks at the commissioning of a water processing factory executed by the OAGF Staff Cooperative Society in Abuja.
The AGF’s advice came amidst reports of embezzlement and misappropriation of funds and other anomalies in the operations of Cooperative Societies in many MDAs.
She said, Cooperative Societies are supposed to provide financial and allied support, as well as encourage members to prepare for retirement through savings; advising that Cooperative Societies in MDAs should live up to expectations.
Dr. Madein expressed delight at the feat achieved by the Association.
According to her, the OAGF Cooperative Society has set a high standard with the efficient and prudent management of funds, an action she said has put them at the forefront of Cooperative Societies. She said the Association should endeavor to maintain the standard they have set.
Dr. Madein applauded the initiative of the Cooperative Society to venture into a water processing project because “water is life and no society will survive without water”; and advised that the same zeal should be employed in the execution of ongoing or proposed projects by the Association.
Speaking at the occasion, the President of the OAGF Cooperative Society, Mr. Idris Sule expressed optimism that the project would create job opportunities, increase the dividends paid to members, and strengthen the financial base of the Association.
