The Nigerian Security and Civil Defense Corps (NSCDC), Kaduna Command Cooperative Society, has said it will venture into the gasworks business to generate more income for its members.
Chairman of the NSCDC Cooperative Society, Kaduna Command, ASC I Sunday Haruna said so during its annual general meeting on Wednesday in Kaduna.
Haruna said the company’s management had collectively agreed to embark on a gasworks business.
According to him, after considering outside business opportunities, the company finally resolved to embark on a gas plant project, subject to congressional approval.
Haruna said management has concluded to start the process of introducing accounting software as agreed by congress at the last Annual General Meeting (AGM).
He said management believes the software will help reduce deductions, ensure accurate records and reduce the risk of depletion of assets in the company.
He said that to achieve this, a proposal was made and it was decided that each member should contribute at least N1,500 only.
He said the software was designed in such a way that members would receive monthly holdback alerts and make any possible adjustments before finally sending it to national headquarters for implementation.
“This will allow members to also know their financial situation in the society without necessarily visiting the office complex of the society.
On the success recorded in 2021, Haruna said that the society in 2021, received 114 new members, bringing the total number of members to 866 as of December 31, 2021.
He said there were renewed commitments from members to increase their monthly contributions to meet the required 5% provision of the bylaw, which is very commendable.
“We sincerely want to use this medium to re-emphasize and call on those who are still contributing below the stipulated 5% to increase their contributions.
“This will go a long way in strengthening the capital base of the society and securing more investment opportunities while meeting members’ aspirations and aspirations,” he said.
Haruna said that after receiving congressional approval, management was able to bridge the loan gap gap in the company through productive collaboration with Stanbic Bank IBTC, which provided a facility worth 500 million naira to the society and of which 230 million naira had been paid out to members who applied and were qualified at different levels and capacities.
“It actually reduced the pressure on the company and also provided an opportunity to recover and generate more revenue in the company,” he said.
Haruna said the opportunity is still open to those who would like to access the facility.
He pledged to always remain focused and determined to work to strengthen and elevate the company to greater heights.
In his remarks, the NSCDC Commander, Mr. Godwin Miebi commended the company’s management for reporting well on the 2021 financial year.
Miebi said saving for the future is a big relief for families.
It encourages non-members to join the society to enjoy the dividends.
Source credit: NAN
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