Magaji Nda of Ilorin, Alhaji Saliu Woru Mohammad has appealed to all founders of Cooperatives Societies in Nigeria to grant soft loan to members for easy repayment.
Magaji Nda made the appeal while delivering his keynote address during the get together end of year ceremony held at head office Adeta Ilorin on Saturday.
He urged creditors to reduce the interest charges on debtors, disclosing that cooperatives are formed to assist the less privileged in the society, adding that somewhen interest rate is higher repayment may be difficult for deptors.
He charged debtors to have in minds for prompt repayment of loan obtained for others beneficiaries, praying for progress of members and the union.
In his speech at the ceremony, Imam Abdulrazaq said that the Islam as a religion supported non-interest co-operatives to boost the economy of its members, pointing out that loan is easy to obtain but hard to pay back.
He advised members to plan before loan, explaining that a well planned before loan could bring about success, describing ‘Temidire Motirayo Multipurpose Commercial Services as loan interest free cooperative society.
The Alalla of Alla, Oba David Oluwasola Adewuyi Aroyinkeye ii the President of TMMCS, Hajia Alimat Abdulrazaq in photograph during the event.
Earlier in her welcome address, the President of the society, Hajia Alimat Abdulrazaq said the co-operative have achieved in thrif saving increase on monthly due to its members are more than before.
She disclosed that society have empowered more members like fridges, television, generating sets, grinding machines, phones, lands, motorcycles and distribution of raw materials to beneficiaries.
She said ‘All these facilities does not affect loans disbursement to our members as we are not indebted to any organisation like banks or government as at today.
The Managing Director of TMMCS, Mr. Ibrahim Saheed Olanrewaju during his vote of thanks after the programme.
‘Transparency of the management of the company under the watchful eyes my self, Managing Director with current secretariat staff and board members, he added.
The President hinted that the company have proposed TMMCS Micro Finance Bank, disclosing that cooperative have Temidire Estate at Ogbondoroko and Motirayo Housing Estate at Iyemaja off Oko-olowo express way with the help of Federal Mortgage Bank which can be pay for five years.
She however, stated some of company challenges to include inability of some members to repay their debts due to economy downturns that badly affected some debtors, calling on government to assist functional co-operatives to help them empower members as co-operatives are closed to grassroots.
She said society was founded for public benefit and operate to accomplish a well defined, articulated effective mission, further added that it’s also sensitize the masses on great financial opportunity to members across the state.
Cultural group entertaining the guests during the programme.
Present at ceremony are Alala of Alla, Oba David Oluwasola Adewuyi Aroyinkeye II, Mgaji Gerewu, Mgaji Alaashe, Magaji Nda, Magaji Araoyo, Magaji Banni, Imam Abdulrazaq Allahu Lateef, Hon.. Abdullah Alase, Managing Director: Ibrahim Saheed Olarewaju (Iyaniwura), Alhaji Muritala Otan and Pastor Oluyemi Sunday among others.
Highlights of event are reading from Holly Qur’an, Hadith, cultural display and presentation of awards to some active members of co-operative.
The President of the TMMCS, Hajia Alimat Abdulrazaq reading her speech during the programme.