Additional 600 members have joined the Federal ministry of Federal Ministry of Transport/aviation,FAAN,NCAA,NAMA, AIB & Allied organisations multipurpose cooperative society in Lagos in the past one year bringing the total membership to 2,600.
The president of the cooperatives, Prince Joel Adeyemi who disclosed this to aviation correspondents shortly after commissioning its cooperatives showroom at the airport urged, members to be more committed and judicious in the use of loans acquired from the cooperatives.
According to Prince Adeyemi, six percent interest rate was charged by the cooperatives on any loans obtained while N100m was given out on monthly basis to members as loans to improve on their status.
He noted that determination, team playing, hard work and dedication has kept the cooperatives growing, saying, that its management has put in place a mechanism to check loan payment defaults.
On the newly commissioned storey building showroom, Prince Adeyemi noted that the project which has rooms and other facilities was started halls, rooms and offices, took five months to be constructed to address the welfare and needs of its members with easy access to secure home appliances, food items and other materials to be sourced directly from manufactures will attract reasonable prices.
He attributed the growth of the cooperatives to what he called systematic failure in the system and economy of the country.
Prince Adeyemi said no kobo was borrowed from the bank for its construction.
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