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Providence Cooperative Multi-purpose Society Limited Debuts in Ikorodu

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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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Breaking: John Dramani Mahama sworn in as Ghana’s President

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Mr. John Dramani Mahama has been officially sworn in as Ghana’s president at a grand inauguration ceremony held at the Black Star Square in Accra.

Thousands of Ghanaians, alongside dignitaries and global leaders, gathered to witness the historic event, which marked an important moment in Ghana’s democratic journey.

President Mahama, 65, assumes office after a decisive victory in last year’s presidential election, where he secured 56.6 percent of the vote against the New Patriotic Party’s (NPP) candidate, then Vice-President Dr Mahamudu Bawumia, who garnered 41.6 percent. This margin of victory is the largest seen in Ghana’s elections in 24 years, with a voter turnout of 60.9 percent.

Mahama replaces Nana Addo Dankwa Akufo-Addo, promising to address pressing issues such as economic challenges, corruption, unemployment, and the environmental damage caused by illegal mining, known locally as “galamsey.”

Historic return

Mr. Mahama’s inauguration is particularly significant as it represents a stunning political comeback. After serving as president from 2012 to 2017. Mahama lost the 2020 elections. His return to power has been hailed as a testament to his resilience and the electorate’s demand for change.

The victory also continues Ghana’s tradition of alternating power between the National Democratic Congress (NDC) and the NPP, with no party winning more than two consecutive terms since the return to multi-party democracy in 1992.

Oaths of Office

Mr. John Mahama and Vice-President-elect Professor Jane Naane Opoku Agyemang were administered the oaths of office by Chief Justice Gertrude Torkornoo with the latter taking her turn first in the ceremony which also doubled as a sitting of the ninth Parliament.

They took the Oath of Allegiance first followed by the Oaths for their respective Offices as President and Vice President.

Inaugural address

In his inaugural speech, President Mahama addressed key national issues, outlining his vision for the future of Ghana.

Looking ahead

The challenges facing Mahama’s administration are significant. During his previous tenure, Ghana grappled with economic difficulties, persistent power cuts, and corruption scandals. Many Ghanaians are hopeful that his return will herald a new era of progress and accountability.

As the nation enters this new chapter under President Mahama’s leadership, all eyes are on his administration to deliver on its promises and restore hope to the Ghanaian people. The coming months will be critical in shaping the legacy of his unprecedented third term.

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Bandits Were Two Kilometres Away From Where I Lodged – Governor Makinde Raises Alarm Over Influx Of Terrorists Into Oyo State

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The Oyo State governor, Seyi Makinde, has raised the alarm that bandits from the Northwest are fleeing to the southern state.

According to him, the development is due to a continued military onslaught in the Northwestern region which has forced the bandits to flee to Ibadan, the state capital.

He made this assertion at the 2025 annual inter-faith service for workers held in Agodi area of Ibadan, the state capital.

Makinde, however, vowed to smoke out the fleeing bandits and deal with them.

He said: “The year 2024 was challenging, particularly in terms of safety and security.

“We had incidents of fire outbreaks, armed robberies, and kidnappings. However, in 2025, we will redouble our efforts to address these issues.”

“During a security briefing this morning, I learned that some bad elements from the North-West are relocating here due to military heat in their zones. But we will find and deal with them.”

“During my birthday retreat, bandits had camped less than two kilometres from where I was staying.”

“This underscores the seriousness of the situation.”

The governor urged residents and traditional rulers to report any suspicious movements.

“To our traditional rulers, who are custodians of your domains, and to all residents, this is no joke. If you see suspicious movements, report them immediately.”

“For us in Oyo, bandits will have no foothold. I will not sleep until every inch of this state is safe,” Makinde noted.

Nigerian states especially in the Northern region are battling from activities of bandits and terrorists, a situation that has usually led to deaths, kidnappings, destructions and destabilisation of states.

 

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GTCO PLC Announces Successful Completion of the 1st Phase of Its Equity Capital Raise Programme; Raises ₦209 Billion 

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Guaranty Trust Holding Company Plc (“GTCO Plc” or the “Group”) (NGX: GTCO) is pleased to announce the successful completion of the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).

 

The Offer, which garnered substantial interest from domestic retail investors, raised a total of ₦209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, fully allotted. This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.

 

Commenting on this phase of the recapitalization exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude: “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses.”

 

GTCO Plc continues to lead its peers in key profitability metrics and financial performance. Building on this successful first phase, the Group will commence the second phase of its recapitalization plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a “Truly International” financial services brand.

 

Proceeds from the combined equity raise will be strategically deployed to recapitalize the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution. Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries. GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.

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