AGF tasks MDAs’ cooperative societies on Prudent fund management
The Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, has implored Cooperative Societies in Ministries, Departments and Agencies (MDAs) of government to entrench prudence in management of funds and also evolve strategies that will boost member’s confidence and aid the growth of the Cooperative Societies.
The AGF’s advice came amid 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, who spoke at the inauguration of a water processing factory executed by the OAGF Staff Cooperative Society, in Abuja, 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 in the forefront of Cooperative Societies. She said the Association should endeavour to maintain the standard they have set.
Dr. Madein applauded the initiative of the Cooperative Society to venture into water processing projects 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 will create job opportunities, increase the dividends paid to members, and strengthen the financial base of the Association.
He also pleaded with the AGF to support the aspiration of the cooperative society to install a bottle water line at the plant.
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