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Providence Cooperative Multi-purpose Society Limited Debuts in Ikorodu

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4 years ago

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As part of efforts to promote financial independence among people at the grassroots level through savings, Providence Cooperative Multi-purpose Society Limited has been inaugurated in Ikorodu part of Lagos state.
The new cooperative which will operate zero interest multi-purpose cooperative society according to Islamic principles and ethics has the Companion Usrah Centre located at 254, Ishawo Road, Agric, Asolo, Ikorodu Lagos as her secretariat.
The inauguration officer and the representative of Lagos State Ministry of Trade and Commerce, Ikorodu South Area office, Mrs Ramat Adeboye described cooperative as coming together of people of like minds to assist one another.
According to her, the ministry believes that cooperative is a business enterprise which must generate revenue for the benefits of members.
She noted that this believe by the Ministry makes its compulsory for cooperative society to take interest on loans giving to its members.
However, as a zero interest based cooperative society, there is need for the newly established Providence to invest in profitable business that will generate revenue for the cooperative.
She explained that to get into the point of profitability and growth, “Providence needs to get shares from members and invest it into profitable ventures that will yield revenue for the Cooperative.”
She noted that primary objective of setting up cooperative is to help people by making them have something to fall back on in the case of financial needs.
Adeboye stated that Providence as a Multipurpose Cooperative Society can invest in any profitable business urging members to subscribe to cooperative shares.
She hinted that running a zero interest cooperative isn’t easy as such, the issue of guarantor must be taken seriously to serve as collateral for loans.
Adeboye said, “Members have rights to their money invested in shares and savings when leaving the cooperative. It is also statutory for Providence to prepare annual financial report, holds AGM once a year while election year is every two years.”
She listed cooperative society principles to include voluntary and open membership (free entry and free exit), concerns for community by giving back to the society as well as cooperation among co-operators and other cooperative societies.
The President of Providence Cooperative Multi-purpose Society Limited, Mr Saheed Amoo informed that a WhatsApp group tagged ‘The Muslim Entrepreneurs’ metamorphosed into the newly established cooperative.
According to him, the group was formed in August 2020 by people of like minds to look at the possibility of accessing some of the Federal Government interventions through the Central Bank of Nigeria, CBN especially the programmes under the Islamic finance derivatives.
He said objectives of the cooperative are to encourage regular savings, develop entrepreneurship spirit, nurture and grow into a full Islamic bank of choice to people and compete globally.
Amoo informed that Providence Cooperative Multi-purpose Society is now open to Nigerian Muslims local or diaspora at a registration fee of N5,000 and minimum shares subscription of 1000 units at rate of twenty naira (N20.00) per share.
He said, ” Our cooperative from inception had adopted different digital and ICT architecture in service delivery to our esteemed members. In no distance time, a robust official website shall be hosted, user friendly and robust applications shall be developed to improve our service delivery quality to members.”
The President expressed appreciation to the pioneer members and management of The Companion, Ikorodu Usrah under the leadership of Engr. AbdulMojeed Adedeji for providing the Centre as Secretariat to the cooperative at no cost.

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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20 hours ago

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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1 day ago

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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1 day ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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