AGF Canvasses Prudent Funds Management, Trusts Sustenance Among Among MDAs’ Cooperative Societies

The Accountant General of the Federation, Dr. Oluwatoyin Madein has implored Cooperative Societies in Ministries, Departments and Agencies (MDAs) of government to entrench prudence in management of funds.

She also urged them to evolve strategies that would boost member’s confidence and aid the growth of the Cooperative Societies.

The AGF’s advice came amidst 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 supports as well as encourage members to prepare for retirement through savings.

She advised that Cooperative Societies in MDAs should live up to expectations in order to gain the confidence of members and achieve targeted objectives.

Dr. Madein, who spoke at the commissioning 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 a statement by the Director (Press), Bawa Mokwa.

She noted that the OAGF Cooperative Society has set a high standard with the efficient and prudent management of funds, an action she said has put them at the forefront of Cooperative Societies. She urged the Association to endeavor to maintain the standard they have set.

Dr. Madein applauded the initiative of the Cooperative Society to venture into water processing project, saying that “water is life and no society will survive without water”.

Further, she advised that the same zeal should be employed in the execution of ongoing or proposed projects by the Association.

Also speaking at the occasion, the President of the OAGF Cooperative Society, Mr. Idris Sule expressed optimism that the project would create job opportunities, increase the dividends paid to members and strengthen the financial base of the Association.