On January 25, the executive committee of AUN Community Cooperative Society (AUNCCS) visited the Director of Cooperatives in the Adamawa State Ministry of Trade & Commerce, Uba Umaru Abdul.
AUNCCS President, Adamu Umar, said the essence of the courtesy call was to familiarize his team with the office which regulates cooperative activities and learn about updates in cooperative management. He said the executive members find the visit necessary, especially as they are considering a review of the Society’s bye-laws.
Mr. Umar, who said the Society, which had been in existence since 2010, has grown from fewer than 20 members to 800-plus members, and AUNCCS has successfully elected officials three times. He went on to list the achievements of the Society such as the acquisition of land for members and landed property for future investments.
The Cooperatives Director assured the visiting team of the ministry’s full support. He said their services are always available whenever they are needed. He also encouraged the executives to follow the bye-laws of the society and ensure they carry the members along in their decisions by bringing to the annual general meeting (AGM) ideas for implementation.
Mr. Abdul further explained that cooperative loans are not allowed to exceed 10 percent charge because cooperative societies’ incomes are not taxable.
The Director was happy about the Society floating a charity foundation but advised that the bye-law is reviewed to incorporate it. He also advised that the dividends sharing formula include patronage refunds to members and training as part of statutory requirements.
Reported by Celine Augustine