Accountants Urge Increased Support for Cooperatives

 Omolabake Fasogbon

Amid subsidy removal pain, the Chartered Accountants Cooperative Multipurpose Society Limited (CA-CMS LTD) has stressed increased support for registered cooperatives in both public and private sectors as to cushion the effects of harsh economy.

President of CA-CMS LTD, Prof Godwin Oyedokun emphasized this at the society’s 10th Annual General Meeting, AGM, where he also emerged 4th President of the society. 

Oyedokun charged government to not only fund cooperatives but to ensure strengthened regulation that will be devoid of exploitation under the guise of statutory payments. 

He maintained that cooperative society remained a gateway to financial independence, boasting numerous benefits including low-interest rate on loans.

Oyedokun explained that the idea of CA-CMS LTD birthed from ICAN professional forum in 2012  for the purpose of improving  members’ welfare. He stated that the society being funded in-house had disbursed over N2 billion naira in revolving loan to members and has been quite proactive in responding to emergency and non-emergency situation of members. 

Oyedokun who will be steering the affairs of the society for two years pledged continued service to members, stating that his office would draw more investment opportunities that will yield consistent and reliable returns for members.

“While working to improve economic livelihood of members, we will not throw away our values. We assured of our highest levels of ethics and integrity that the society is known for since inception. As chartered accountants, we understand the need for accountability and transparency in all our dealings, we will ensure that society remains true to these noble principles”, he said.