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Niche Cooperative berths in Lagos 

By Benjamin Alade
02 November 2016   |   12:49 am
Lack of vision has been identified as a major component of failure in the operations of cooperative societies in the country.This was the assertion of the President of Niche (Ikeja) Cooperative Multipurpose Society...
Obaro Osah

Obaro Osah

Lack of vision has been identified as a major component of failure in the operations of cooperative societies in the country.This was the assertion of the President of Niche (Ikeja) Cooperative Multipurpose Society, Felix Daniels, at the official launch of the latter in Lagos recently.
 
Daniels said: “Quite a lot of people in this part of the world do not live by purpose, which has a lot to do with the sustainability of any business.”  
 
According to him, history has shown that individual efforts and resources have actually stunted growth potentials in business, but collective efforts with some little contributions into a common pool would foster very great achievement for everyone involved.He noted that it was against this backdrop that the Cooperative was founded; saying that individuals’ little contributions invested in viable business ventures would enhance its financial status.     

“It is on record that the great strides of the economies popularly known as ‘Asian Tigers’, were achieved on the strength of cooperative economic model. Therefore, an indepth understanding of this model with conscientious replication of its parameters as seen in other climes can foster a better living standard for the masses,” he said.  

He noted that the Niche is modelled after time tested United Kingdom Cooperative in London, which controls about 10 per cent of the British economy. “Our projection is to send some of our trustees to London in 2017 to understudy the U.K co-operative.   

He disclosed that the cooperative is driven by modern technology even as it is currently concluding plans to spread across the federation with an intent to replicate the services rendered at its headquarter.”  
 
In his remarks, the Lagos Regional Head, Bank of Industry (BoI), Obaro Osah, said the financial institution is focused on supporting entrepreneurs and creating value addition.
 
He said the management has changed within the last few years with a focus to support micro, medium and large schemes, which lies within cooperative societies where the bank also plays a vital role in helping them access finance.  
 
“The essence of the funding is to fast track dreams of several co-operative societies, grow the Gross Domestic Product (GDP) and improve the nation’s economy,” Osah said.    
  
Also, a representative of the Directorate of Cooperative, Ministry of Commerce, Lagos State, Uche Obi, stated that it is the duty of the Ministry to supervise the financial books of the Cooperative.Obi enjoined all to participate without fear, stressing that Niche is being managed by seasoned professionals.
 
Chairman of the occasion, Reverend David Aboderin, lauded the initiative saying the cooperative is aimed at eradicating poverty in the lives of people by exposing them to various developmental programmes.

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