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… Warns Cooperative Societies Against Sharp Practices



The Federal Capital Territory Administration (FCTA), through the Agriculture and Rural Development Secretariat (ARDS) has warned cooperative societies operating in the Federal Capital Territory (FCT) against maladministration and sharp practices in their activities.

Speaking during the commencement of revalidation and recertification of cooperative societies operating in the FCT, the secretary of ARDS, Hon. Stanley Ifeanyichukwu Nzekwe, noted that many cooperatives are enmeshed in corruption and sharp practices.

Nzekwe frowned that some executives of the cooperatives have turned properties of the society into their personal use, while those in the agriculture sector acquired land for farming purposes and sold it for the personal benefits of some individuals in the cooperatives.

He explained that the revalidation and recertification exercise was necessitated by the need to halt the increasing cases of sharp practices and abuse in the sector and to ensure efficiency.

The ARDS boss therefore warned that any cooperative society that failed to be captured in the revalidation and recertification exercise would be arrested by the Economic and Financial Crimes Commission (EFCC), deregistered and barred from doing business in the FCT.

Earlier, in her welcome address, chief registrar, FCTA cooperative department, Hajiya Hassana Mohammed, had disclosed that there are over 20,000 registered cooperative societies operating in the territory.

Mohammed expressed the hope that the exercise would streamline, sanitise and improve the activities of cooperative societies in the FCT.