Emmanuel Thomas, Lagos
October 17, 2015 – The Lagos State Government has said that it is capable of retrieving money contributed by members of any registered cooperative society from management if it is informed about the development.
President Lagos State Ministry of Commerce and Cooperative Society, Ikeja, Mr. Tunji Bakare made the revelation today while addressing journalists who are members of the Lagos NUJ Multipurpose Cooperative Society at Iyala, Alausa, Ikeja, Lagos.
Management of most newspaper outfit in Nigeria are fond of deducting cooperative contribution at source and failing to remit to the society. Prominent among these newspapers are Nigerian Compass newspaper, Daily Independent, ThisDay newspaper, Tell and many others.
But he said the society has assisted many societies whose contributions were deducted at source but management was unwilling to remit the money to the cooperative society thereby hampering operation of the society.
He said that the only constraints the society faces in most cases was lack of records by most of the affected societies which he said hampers attempt to recover such funds. He called on cooperative societies to ensure that they keep proper record of their activities including receipts of payment and other items.
He explained that the society will usually visit such an organisation after writing while those who are recalcitrant are made to face a suit at the National Industrial Court of Nigeria(NICN).
He said cooperative society is already working at harmonizing its operation with the NICN through a legal frame work that would address incidents of failure by management to remit contributions deducted at source.
He advised the NUJ cooperative society to register a multipurpose society to enable them engage in other profitable business outside provision of credit and loans to members.
He also advised for imposition of fines for late coming and absence at meetings as one of the ways to raise funds for cooperative activities. He said the society will attend the November 14 congress to enable it address a larger gathering of members.
