By Tony Obiechina, Abuja
The President of Ministry of Defence Staff Agricultural Cooperative Society (MODACS), Dr Edache Adigwu has disclosed that owing to the present harsh economic situation in the country members of the group now resort to loan taking to survive.
He stated this while addressing the 12th Annual General Meeting (AGM) of the Society held at the Ship House in Abuja on Saturday.
His words, “The harsh economic situation forced a lot of members to rely on loan in taking care of their family needs, thereby inundating the Cooperative with loan requests”.
The President therefore apologised to all members whose loan disbursements were delayed blaming it on “the Office of the Accountant General of the Federation OAGF) in releasing 3rd party disbursements as at when due”.
Edache reminded the delegates that as the tenure of his executive was winding up, members of the Society should be very careful how they proceed with the Cooperative, going forward.
“I want to warn that the Cooperative is a business, not a charity organisation. Thousands of civil servants depend seriously on MODACS to sort out pertinent bill’s. Let us be careful in choosing our leaders when the time comes”, he added.
Speaking on the achievements of the society since its last AGM, the president disclosed that “we have lived up to expectations in the payment of severance packages to our retiring members, even dividends”, as well as working on having the Cooperative registered with Corporate Affairs Commission.
“We have been committed towards developing dynamic, strategic, sustainable, deliberate and practicable innovations to protect, preserve and secure the assets of MODACS in the evolving digital economy.
“Also in a to live up to the realities of the evolving digital economy, we have kick-started the process of going digital with the operations of MODACS from the comfort of our homes, as it is with the conventional banks.
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“This will remove those bottlenecks associated with accessing the Cooperative, especially for those who are outside Abuja and environs. When functional, it will give members unfettered access to the Cooperative”, Edache added.
