The Nigeria Union of Journalists (NUJ) Cooperative in Bayelsa State is making a significant impact on the lives of journalists, encouraging a culture of saving and financial independence.
The cooperative, which started as a small initiative about 10 years ago to help members manage their finances before payday, has grown into a reliable system of savings and investments.
It has continued to grow, providing financial relief and security for journalists in Bayelsa State. With its increasing membership and benefits, stakeholders are optimistic that more journalists will embrace the initiative, ensuring long-term financial stability in the profession.
Speaking during the NUJ Cooperative AGM to celebrate a successful 2024 at the State Council Secretariat, the Cooperative team lead, Mr Hussain Sheriff, revealed that many journalists who initially struggled to set aside money are now consistently saving up to N50,000 monthly.
He emphasized that the cooperative has helped members cultivate financial discipline, ensuring they have funds to fall back on, especially during the festive season.
He said, “The cooperative started as a way to support members to be able to hold themselves before salary comes at the end of the month. The design is very simple, almost very insignificant interest, so that you can take a loan, hold yourself by the end of the month, you now pay.
“But along the line, it has blossomed. We realized that a lot of people are ready to even save a lot of money so that by December, they are able to tap into that money and use it to help their families.”
The director general of Bayelsa State New Media, Dr. Samuel Oredipe, highlighted that the cooperative has been running successfully for almost a decade. He noted that membership continues to grow and encouraged journalists to embrace the habit of saving, no matter how little they earn, as it provides financial stability and support in times of need.
“I will like to encourage as many as possible, that no matter how little that you think you earn, you can save something reasonable from it and that you will be okay to a great extent in solving your immediate needs and that is what is key to me.
“So I am happy that I am with my friends and colleagues whom we share this cooperative together just to wine and to relax. I am also happy that we are increasing in number by the year, I just heard a few more addition of members into the NUJ Cooperative Society. I think it is good for us that we are growing”, Oredipe said.
Former NUJ Bayelsa chairman, Tarinyo Akono, who played a key role in registering the cooperative, acknowledged the financial struggles journalists face, especially those in the private sector. He explained that the cooperative offers loans at minimal interest rates, unlike banks that impose strict repayment conditions. According to him, the initiative has been a lifesaver for many journalists.
He said, “I wouldn’t say journalists are poor people, but I know that our remuneration is poor, particularly those in the private sector. So while I was chairman, I mooted this idea to register the cooperative in the name of the NUJ and then we started this process. We have assisted ourselves so much with this cooperative.
“For me, it is an opportunity to save, even though you might be saving elsewhere. It is going to relief you going to the bank to take a loan and then stress yourself paying back. The situations are not the same at all. The interest here is very minimal, we don’t need to put you under pressure like the other regular banks to pay back. That is why we encourage journalists to join.”
Chairman of the Federated Correspondents Chapel, Tife Owolabi, stressed the importance of saving, likening it to preparing for a “rainy day.” He urged journalists who are not yet part of the cooperative to join, stating that having savings readily available is a better alternative to seeking financial help from others during emergencies.
“I encourage NUJ members and others who have not keyed into this to actually join because you can never know when the need will come and when we are together in like minds, you can always believe that you will see a bail out at any given time. So, if you are not in the NUJ Cooperative, you are missing.
“Saving culture is actually good thing for any person especially for some us journalists who don’t really collect salary, the little thing you see one way or the other, just have that culture of saving and you will see that whenever the need arises, you are using it to solve your problem rather than going to beg people for help all the time”, he said.
Also, a female member of the cooperative from the Ministry of Information Chapel, Mrs. Patient Nick Osuto, shared how the cooperative has been particularly beneficial for female journalists who also manage households. She explained that saving throughout the year allows them to comfortably afford bulk purchases during festive periods.
She said, “We developed a culture of saving from January to December, at least any amount you can save, maybe N10,000 or any amount you think you can save. It has been helping because at the end of the year, this money we have saved from the beginning of the year, is going to be shared, so that by the time you get your alert, that time you will feel very amazed how much you have save.
“I want to encourage other female journalists to come and join. It is not a bottleneck association, just feel free and join. Anybody can join as far as you are a journalist, you are welcome.”
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
