Lagos State Government and the Police Special Fraud Unit (PSFU) have resolved to team together to secure the funds of cooperative societies and prevent mismanagement by the executives.
Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose-Medebem expressed this when she led the Ministry’s Team to the PSFU office in Ikoyi, Lagos on Tuesday.
Speaking during the courtesy visit, the Commissioner stated that the practice of mismanaging the savings of members by people entrusted to manage such resources is an abuse of office and grossly unfair to members who gave them such privilege.
Her words: “It is unfair for the managers of cooperatives to handle the funds of the societies without due process, accountability and integrity. There is the need for people to comply with the law and it will not be out of place to make a scapegoat of one or two officers to serve as a deterrent to others, and this is where the partnership with PSFU is very critical.
“As a government, we are shifting our focus from reactive to proactive approaches to nip the negative development in the bud and considerably reduce infractions by cooperators. To this end, the administration of Governor Babajide Sanwo-Olu is working to review the Cooperative Laws to make it more effective, while initiatives such as the Ibile Cooperative Award will be introduced to motivate the leadership of thriving societies and encourage others to emulate them”.
Commissioner of Police in charge of PSFU, Ayotunde Omodeinde commended Ambrose-Medebem for the move and remarked that the relationship will empower the PSFU to act appropriately to curb the menace.
“I advise the State to write the Inspector General of Police (IGP) notifying him of its mandate to the PSFU to investigate and prosecute those who embezzle cooperative funds. This will make the officials realise that knowing the rules is not enough, the Police are now watching. It will also help to bring sanity and better regulation to the cooperative movement, particularly concerning those operating unregistered societies”, he said.
The two Commissioners agreed to undertake extensive enlightenment and stakeholder engagements to create awareness and let those involved know that cooperative funds can no longer be mismanaged.
