In a bid to sanitize the operations of Cooperative societies in Nigeria, the Federal Capital Territory Administration (FCTA) has commenced a comprehensive revalidation and recertification of Cooperative societies in the nation’s capital.
The Administration through its Agricultural and Rural Development Secretariat (ARDS), warned that any Cooperative society that failed to be captured in the process would be deregistered and barred from doing business in the FCT.
This is coming against the backdrop of reports of maladministration of businesses of Cooperative societies in the FCT.
The Administration noted that the revalidation exercise was necessitated by the urgency to halt increasing cases of sharp practices and abuse in the sector, hence the need to intervene, in order to ensure efficiency.
Speaking while flagging off the exercise in Abuja, the Secretary Agric and Rural Development Secretariat, Mr Stanley Nzekwe said it was now apparent to have the exercise as some executives of the cooperatives had turned property of cooperatives for their personal use.
He added that evidence shown that those in agriculture acquired land for farming purposes and sold them for personal monetary benefits to some individuals in the cooperatives.
He further queried if cooperatives followed due process in their accounting systems and elections of their leadership.
The Secretary therefore warned that those taking the exercise for a joke to have a rethink and come forward with all their necessary documents.
According to him, those found guilty of misappropriation would be sent to EFCC to show that the cooperatives revalidation exercise is not a joke or mere paper work.
Earlier, in her welcome address, Chief Registrar, Cooperative Department of the FCTA, Hajya Hassana Mohammed, disclosed that there were over twenty thousand registered Cooperative societies in the FCT.
She said at the end of the exercise, which is expected to streamline the activities of Cooperatives in the Territory, would improve the system.