LAGOS, FRAUD UNIT COLLABORATE TO PREVENT COOPERATIVE FUNDS MISMANAGEMENT
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The Lagos State Government and the Police Special Fraud Unit (PSFU) have decided to work together to protect cooperative society funds and stop executives from mismanaging them.
This was said by Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade & Investment, on Tuesday when she escorted the Ministry’s team to the PSFU office in Ikoyi, Lagos.
During the courtesy visit, the Commissioner made a statement saying that it is an abuse of power and incredibly unjust to the members who granted such privileges for people to mismanage their assets.
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”.
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Ayotunde Omodeinde, the Commissioner of Police in charge of the PSFU, praised Ambrose-Medebem for their action and said that the partnership will enable the PSFU to take the necessary action to stop the threat.
“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.
In order to raise awareness and inform all parties concerned that mismanagement of cooperative finances is no longer an option, the two Commissioners decided to participate in broad enlightenment campaigns and stakeholder engagements.
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