LAPO Co-operative Society Holds 2nd AGM, Elects New EXCO

The LAPO Staff Multipurpose Co-operative Society held its 2^nd. Annual General Meeting (AGM) on Friday, December 2^nd, 2022 with a new executive elected to run the affairs of the cooperative.

The AGM provided a golden opportunity for members to review the state of affairs and success of the co-operative, which originally began as a Welfare Scheme in 2008 to address the financial needs of staff.

In her acceptance speech, the newly-elected President of the Co-operative Society, Mrs. Lillian Ehigiamusoe, promised to operate an open-door policy that would better the general interest of the members.

She thanked staff members for the confidence reposed in her and promised to consolidate on the feat achieved by the past Executive.

Other elected members of the Co-operative Society include James-Wisdom Abhulimen (Vice President), Iyamu Daniel (Treasurer), Nosa Omorodion (Financial Secretary) and David Agho (Auditor).

Earlier in her welcome address, the outgoing President of the co-operative, Amen Kate Akenbor, said that the Society was established to foster economic cooperation amongst staff members who pool funds together for their interest.

She said that the activities of the co-operative include administering Special Savings, Regular Savings and Loan Facilities, explaining that only savers who are registered members of the Scheme are qualified for loans.

Highlighting her administration’s successes, Akenbor said: “Between 2017 and 2021 when we came on board, our membership strength has grown from 2,189 to 3,861 while the number of borrowers has risen from 567 in 2017 to 1,024 during the period under review.

“Similarly, the total asset of the scheme has appreciated from N241, 259,147 to N542, 240,277 and as part of the efforts to mitigate the negative impact of COVID-19 on members; loan interest was reduced from 8 to 5%.

“Asset loan size was increased to N5, 000,000 to enable members to acquire properties of their choice with the repayment structured in a convenient and comfortable manner.”

On her part, the Director of Co-operative Services, Edo State, Mrs. Efomo Enoma, commended the management of LAPO for giving staff the platform to operate.

      Benin City           December 2, 2022