…Directive will not hinder BARAZA Roadmap to Recovery Plan
……refunds N65.7m to N100,000 contributors in 30 days;
The Chief Executive Officer of BARAZA Multipurpose Cooperative Society Limited, Arc. Dr. Miebi Bribena, at the weekend in Yenagoa, assured members/contributors that the directive of Bayelsa Bureau of Cooperative Development on downward review of monthly returns/ surpluses to 15% would not affect the ongoing Roadmap to Recovery Plan of the Cooperative.
Arc. Dr. Bribena gave the assurance while giving the weekly progress report on Roadmap to Recovery Plan on Facebook live.
He said the Cooperative would continue to operate within the limits of the law but added that Management in collaboration with members and relevant stakeholders would review the outcome of the meeting the Director of Bureau of Cooperative Development, Mr. Fredrick Sese had with representatives of Cooperatives Societies in his office on Wednesday and create a sustainable plan.
He hinted that foremost priority of the Management for now is the actualization of the Recovery Plan in line with the management timetable.
His words, “On the outcome of the meeting with the Bayelsa Bureau of Cooperative Development, I know there have been concerns in the past few days as regards the percentage we pay out to members of the cooperative and the duration of the termination and withdrawal of contributions.
“Now, for those of us who are not aware, in a meeting this week, precisely on Wednesday, the Director for Bayelsa Bureau of Cooperative Development, Mr Fredrick Sese called on all Cooperatives especially those trading in online FOREX to review their monthly returns on contributions downward as enshrined in the Cooperative Act 2004.
According to him, the Act stipulates that any member of the Cooperative Society who wants to terminate membership or withdraw contribution will have to wait for a period of 6 months before termination and this is subject to availability of funds.
‘We are looking at this as a Cooperative and we want to state that we have a mission to eradicate poverty and we will continue to show that we operate within the limits of the law.
‘However, we want to assure every member of our Cooperative that the new directive will not affect our current Roadmap to Recovery plan. Recovery is our focus and we will meet up with our timetable as promised in our Roadmap to Recovery.
‘We are also reviewing the outcome of the meeting with the Director of Bayelsa Bureau for Cooperative Development and we in collaboration with members will create a sustainable plan.
‘We are assuring our members that we will work with all relevant stakeholders to develop a sustainable system that will serve all members of BARAZA.
BARAZA has a vision. We are not just a business, We are a Cooperative and we have a vision that we will accomplish in 10 years.
‘As mentioned in our Roadmap to Recovery Plan, we are going to at some point have some forms of reviews which we have already announced before but this plan is to have a sustainable Cooperative that will run for several years to come up till 2030.
‘Our focus for now, is to continue to trade, make profits and keep making refunds and begin payment of backlogs in earnest.
We will commence regular operation by 19th July 2021 as promised to our members.
‘This Roadmap to recovery plan is definite. It is deliberate and we are committed to it to ensure that we hit this target and exceed it. We cannot say it enough Baraza is a God given vision and we are here to stay.
‘We are committed to our ideal of eradicating poverty among our members, and, we will continue to do this no matter the distractions as we promised to you.
We will not rest until every member gets what is due to them. We appreciate your support and understanding so far. This means a lot to us.
I want to re-assure every member that I am still on ground here in Bayelsa and working with my team, no matter the rumour.
In a related development, the CEO disclosed that the Cooperative had in the past 30days refunded members/contributors in N100,000 categories who applied for termination with N65.7m.
Arc. Dr. Bribena disclosed that management this has refunded members in this category with N10m in addition to N10.9m, N24.8m and N25.5m previously paid.
He , therefore, thanked members for keeping for keeping hope with Management at ensuring refunds to members in such a way that it would not rock the boat of the Cooperative.
The CEO solicited continuous supports of members in the actualization of the recovery plan
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