‘Accountability, Due Diligence Critical in Post Covid-19 Era’


By Oluchi Chibuzor

For Nigeria to speedily recover from the shocks of Covid-19, upholding of transparency, due diligence in the administering of public funds will be essential in the new normal era occasioned by the pandemic, the President, Nigeria Shippers’ Council Staff Multipurpose Cooperative Society Limited, Bashir Mohammed, has said.

Highlighting the urgency and imperative of the need for the nation to revive its economy, Mohammed advised that it is patriotic for those in power to display transparent with funds under their purview.

Speaking at the group’s 24th annual general meeting (AGM) held virtually, with the theme: ‘The need for accountability and transparency in administering public fund during and post Covid-19 Era,’ he said it has become increasingly necessary in the face of current realities in the country and deployment of innovative policies to support various government initiatives.

“As we are in the new normal now, it is important that we ensure that transparency, accountability, integrity and due diligence is upheld in administering public funds. Nobody is allowed no matter what to be overly; you must be accountable in whatever you are doing and must be seen to upheld transparency.

“Colleagues, it is worthy to remind you that this administration took over the helm of activities on the 19th of April, 2017, with the sum of N30, 442, 770.89 only, with your understanding, support, cooperation we have been able to raise the funds to N300, 370, 446.93 in fixed accounts,” he said.

On the success recorded during the year in review, which showed an increase in net surplus to about N34, 185. 67 in 2019 up from N21, 51, 205.17 in 2018, reflecting 60.8 per cent increase, he added, necessitated the need for the introduction of Children Education loan to legitimate applicants.

“Within this financial year, we have processed, approved and paid the sum of N154, 557, 250 only as children education loan. In order to ensure transparency and integrity in our financial spending, we have expenditure profile of 9.6 per cent in the year under review.”

In his keynote address, the Executive Director/ CEO, Nigeria Shippers’ Council, Hassan Bello, who was represented by Director, Special Duties, Mrs. Ada Okam, said: “Today the cooperative society faces the future with energy and maturity. I enjoin you to have a vision that should encompass not only economic, but social and environmental dimensions.

“This will help to broaden the developmental experience of the cooperative society as well as constitute and bequeath a unique and worthy heritage. I also charge you to continue to imbibe the specific values and principles to be ever evolving,” he stated.