Paul Obi in Abuja
President, Ministry of Defence Staff Agricultural Cooperative Society, Mr. Isiak Gbadamosi, has tasked members to work hard as the cooperative increase members’ dividends and benefits.
He also explained that there was urgent need to work toward the expansion of the MODACSâ€™s capital base.
Gbadamosi stated this at the societyâ€™s 6th Annual General Meeting (AGM) in Abuja recently, adding that, â€œthere is need for every member to make meaningful inputs to the capital base.
â€œThere is a need for us to continuously expand the capital base of the cooperative and strengthen the cooperative,â€ he said.
He stressed that â€œthis was the only way to make the cooperative society viableâ€, adding that â€œwhen you make solid investment, it would continuously bring money into the coffers of the society.â€
Gbadamosi observed that â€œsince the establishment of the cooperative in November 2005, it had performed to the expectations of the current over 3,500 members.â€
The president added that the cooperative currently has a monthly turnover of over N50 million with assets in Jos, Osun and Abuja. He said the society had diversified its investment to include real estate and financial services.
Gbadamosi said in 2017, the cooperative overhauled its membership expansion system by designing training and sensitisation programme to interact with members and non-members outside Abuja. â€œCooperatives thrive better with membersâ€™ participation which the executive committee has enjoyed from you,â€ he said.
Also speaking, the Permanent Secretary, Ministry of Defence, Hajia Nuratu Batagarawa, tasked the members to be guided by principles of the cooperative and be focused.
Batagarawa, who was represented by Mr. Yusuf Adepoju, called on the society to expand its capital base by investing in interest-yielding investment.
The pioneer president of MODACS, Mohammed Zailani told journalists that the aim of forming the cooperative was to organise people through agricultural cooperative society. He expressed satisfaction with the level the cooperative society had attained.
Also, a member of the cooperative society, Mr. Adeloluwa Tade stated that the cooperative has continued to assist members to own their own houses as well as venture into other investments.