Edo re-certifies 300 cooperatives to check scams

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The Edo State Government has re-certified 300 cooperative societies, as part of measures to eliminate the use of proxy cooperatives to swindle members of the public.

Speaking at a Stakeholders’ Meeting in Benin City, the Edo State Commissioner for Wealth Creation, Cooperatives and Employment, Hon. (Dr.) Felix Akhabue, said the move will streamline the activities of cooperative societies which are key to stimulating economic development.

He noted that cooperative societies possess the unique feature of galvanizing all segments of the society for economic prosperity, adding, “As part of moves to sanitize cooperative societies in Edo State, the state government has re-certified 300 of them.”

Akhabue said the challenges faced by stakeholders in the state include the prevalence of proxy cooperative societies which rely on their registration in defrauding members of the public.

He said, “Some persons used questionable cooperative societies to access loans provided by governments after which they disappeared and till date, the money has not been recovered.

“The Edo State cooperatives database has been cleaned up with about 300 registered cooperative societies vetted and certified as against the 18,000 that populated the database in the past. The elimination of dormant and proxy cooperative societies will help the ministry to project and recommend only active cooperatives for financial assistance and benefits.”

He assured the stakeholders in the sector of plans by the state government to protect cooperative societies from financial fraud,while ensuring transparency and accountability in their operations.

President of God’s Gift Minerals Multipurpose Cooperative Society, Mr Ehigbobo Ehimen, expressed appreciation to the state government for the efforts to create a new order through the recertification exercise.

He urged the cooperators to key into the new order to enhance growth and ensure genuine cooperative societies benefit from funding opportunities.