… says directive by govt on downward review of interest won’t affect anything
Four weeks after it launched its “Roadmap To Recovery Plan”, the management of Baraza Multipurpose Cooperative Society has doled out over N65 million as refund to some members who had applied for termination of their membership.
The refunds were made to first level members with N100 thousand investment sum.
Chief Executive Officer of Baraza, Miebi Bribena confirmed the development at the weekend, during his weekly update on the
progress made so far in its recovery effort.
He said a first tranche of N10.9 million was paid, followed by N24.8 million in the second week, another N20.5 million and in the outgoing week N10 million bring the total figure to N66.2 million.
“Looking at how much we have refunded so far to those who had applied for termination in the 100k category, I am confident that we are making good progress, making way for us to begin to attend to other outstanding payments like backlogs.
“We are not there yet, but you will agree with me that we have made some progress and will continue to do so until every member is attended to. This is a promise.
“It is essential to state that we have only been able to make this payment so far because of your patience and understanding, allowing us to be settled to trade and make a profit.
“I want to continue to ask for this understanding and assure every member of our great Cooperative that we will all smile at the end. Everyone will get what is due to them” he said.
On the recent directive by the Bayelsa State Bureau for Cooperative Development, requesting all cooperative societies in the state, paying above 20% interest on contributions to effect a downward review to 15%, Bribena said there is no cause for alarm.
He said: “I know that there have been concerns from members regarding the outcome of the Bayelsa Bureau of Cooperative Development meeting as it has to do with the approved percentage to be paid to members of cooperatives.
“As one of the cooperative societies in the state with a mission to reduce poverty, Baraza will continue to ensure that we operate within the limits of the law. However, I want to assure every member that this new directive will not affect our current Road map to recovery. We will meet up on all our agreements with members as promised in our roadmap to recovery plan.
“As mentioned in our Road Map to Recovery plan, we are going to at some point later on, review our return on
commission model to create a sustainable system that would enable us meet up to our obligations to all members.
“We are also reviewing the outcome of the meeting with the Director of the Bayelsa State Bureau of Cooperative Development and will create a sustainable plan in due course. Be assured that we would work with all relevant stakeholders to develop a sustainable system that will serve all members of Baraza.
He said the focus of his team now, is to continue to trade, make profits, keep making refunds, and begin payment of backlogs as promised to all members.
“As I promised you, we will not rest until every member gets what is due to them, and we appreciate your support and
understanding so far. It means a lot to us. The next 60 days shall be good news all the way. We will bounce back better and stronger”.