NAN-H-116
Co-operative
By Mercy Osajiugo
Bida, (Niger) Feb. 2, 2017 (NAN) The Chairman, Academic Staff Multi-purpose and Cooperative Society (ASMPCS), Federal Polytechnic, Bida , Malam Muhammad Etsuyankpa-Busu, has urged civil servants to join cooperative and thrift societies in preparation for retirement.
Etsuyankpa-Busu, who is also the Head of Department, Social Welfare Department in the institution, made the plea in the 2016 Annual Report of the society, made available on Thursday in Bida.
“It will be of immense benefit if we can increase our contributions in order to have reasonable savings in preparation for retirement, since people retire from service without being paid their entitlements as and when due, ‘’ he said.
The chairman suggested that to cushion the effects of untold hardship experienced by civil servants after retirement, there is the need for workers to join multi- purpose societies in their various ministries, parastatals, agencies and institutions.
Etsuyankpa-Busu expressed regret that workers often retired from service without getting their entitlements promptly, “thereby exposing them to very serious problems’’.
He said that joining such societies was beneficial, “because you can withdraw all your savings the very day you are leaving service’’.
Etsuyankpa-Busu, however, expressed gratitude to the congress having made tremendous progress in spite of the present economic recession.
He said that the society’s total assets and income base had increased.
Etsuyankpa-Busu said that the society’s operating income had increased to over N1.6 million as against N1.3 million recorded in 2015, adding that the total dividend had also increased from N27,171 in 2015 to N552,577.
He said that over N15.9 million, including interest was given out to members as long-term loan, while about N9.7 million was recovered from members.
Etsuyankpa-Busu said over N3 million was invested in short-term loan to members, while N2 million was recovered.
According to him, over N3.9 million was invested in commodity trades account meant for acquisition of tangible assets for members.
The chairman commended the Rector, Dr Umar Ahmed-Egbako for finding the cooperative worthy of partnership in matters that would enhance the welfare of staff of the polytechnic. (NAN)
MNO/AJA
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(Edited by Adeleye Ajayi)