PRESIDENT’S ADDRESS AT THE FIFTH ANNUAL GENERAL MEETING OF LEKKI COOPERATIVE MULTIPURPOSE SOCIETY LIMITED HELD ON 4H MARCH 2017 AT SCAPULAR PLAZA, LEKKI LAGOS
I welcome all our distinguished representatives from the Directorate of Cooperative Societies, Ministry of Agriculture and Cooperatives, Lagos State. Co-executives, esteemed members, friends and families to the 5th Annual General Meeting of Lekki Cooperative (Multipurpose) Society Limited.
I also show immense appreciation for the great work done by the creative leadership team in conjunction with the hardworking employees of this Cooperative, I am proud to announce that the Cooperative has been consistent in early preparation and submission of our financial statement to the Lagos State Directorate of Cooperative Societies. The financial statement for the Year 2016 was not left out; it was also ready within the first 3 weeks of the Year 2017.
These financial statements have been audited and approved by our regulator. We are gathered here today to consider the financial statements, approve the dividend, and swear in the new executives and as well discuss other matters that will define our Cooperative in the year 2017 going forward.
Please permit me to highlight events that shaped our performances in the year under review as follows;
During the year under review, the inflation rate accelerated for the 13th consecutive month in November 2016, while the Central Bank of Nigeria left its main lending rate at a record-high to balance price pressures, to support a slumping economy. The Naira continued to fall against dollar as the economy plunged to recession. The Gross Domestic Product diminished for two consecutive quarters and there was a slowdown in industrial production and manufacturing in addition to a slump in consumer spending. All these in turn caused a rise in unemployment and a decline in housing prices.
Economy recession was the major challenge that the Nigeria faced the during the year under review. These were caused by our dependent on Oil, foreign products, economy policies of the current administration, delay or controversies of 2016 budget, activities of militants and pipeline vandals with several actions and inactions of the Central Bank of Nigerian in averting recession.
Your Cooperative as a knowledge based non-bank financial institution was proactive in ensuring the Cooperative safely engaged in less risky business with adequate support to small and medium enterprises (SMES) among our families and friend.
Income Earning Assets
Your Cooperative maintained her 3 income earning asset classes comprising; Loans and advances to friends and families who meet the strict credit guidelines of your Cooperative, Fixed Income instruments including term deposits, treasury bills and bonds of the Federal Government of Nigeria, and Equities quoted on the Nigeria Stock Exchange during the year under review.
Staff Management & Development
The need to adequately build integrity, knowledge, trust, customer service, confidence and capacity is well explained by the biblical scripture that if an axe is dull, much strength will be exerted. Lekki Cooperative places a high premium on training of staff, reading management and leadership books is compulsory among our members and staff. We take attendance at training and seminars organized by the Directorate of Cooperative Services very seriously.
Credit business is the most difficult business to do in Nigeria but we have strictly defined our credit rules to keep the Cooperative safe!
It is not a gloomy picture I must say, there are many honest people out there who will repay their loans as at when due, but who are unable to access credit from the large banks out there. Lekki Cooperative has bridged the gap in this area.
Your Cooperative in her bid to protect members’ funds acquired a Hyundai i10 sport car during the year under review to assist with recovery effort, together with engagement of 2 credits bureaus to mitigate risk at this current economy dispensation.
Outlook for 2017
As Naira is still contending with the external forces in the early part of 2017, we are hopeful that with the new Central Bank policies, Nigerian economy will come out of recession in the second quarter of 2017. We will exploit many opportunities for the Cooperative bodies in Nigeria; Lekki Cooperative will work with other Cooperatives to deliver the cardinal values Cooperative represents.
Once again, I welcome you to this occasion on behalf of the Executive Committee and Staff of Lekki Cooperative Multipurpose Society Limited. I confirm our total commitment to create enduring value and a legacy that would outlive this generation, amen.
Long Live Lekki Cooperative Society, Long Live Cooperative movement Lagos State, Long Live Federal Republic of Nigeria.
Itesiwaju Ilu Eko lo je wa l’ogun