The Corps Marshal, Federal Road Safety Corps (FRSC), Dr Boboye Oyeyemi, has urged the leadership of the FRSC Staff Cooperative Ltd. to ensure prudence and integrity in the management of its resources.
Oyeyemi made the call at the cooperative’s 8th Annual General Meeting (AGM) on Wednesday, in Abuja.
He said that the focus of the cooperative was to empower officers and marshals of integrity to be able to create other sources of income apart from salaries.
Oyeyemi, however, enjoined the members to always fulfill their expected obligations and uphold the cooperative ethics and practices so as to continue to actualise the dictum of “each for all, all for each”.
He said the leadership of society would be able to ensure better performances and resilience of the society to fulfil its mandate, if all members continue to do their bits.
Oyeyemi urged the leadership of the society to continue to work hard to satisfy the demands of members.
“What you have seen is a success story that today we declared a dividend of N60 million and the profits have been rising from the last six years.
“So, it shows that if the cooperative is properly managed, It will reduce burden on the government but the foundation must be on integrity and trust and industry itself.
“Once that is done, I think things will go better. So the best advice is for people to form cooperative groups based on integrity that will reduce pressure on the government and on the society,” he said.
FRSC boss assured members of the cooperative’s commitment to continuous growth to the overall benefits of members.
He said the management had provided exceptional guidance and leadership to the society in the areas of investment, programmes and pursuits from 2014 to date in its commitment to strengthen the society.
He said the corps had recently approved another N300 million auto-loan facility for staff, which is a joint venture between the cooperative and Post-Service Scheme.
The focus of the facility, according to him, is to essentially ease the mobility challenges faced by most officers and marshals when reporting to work.
“In addition, Stanbic IBTC/FRSC staff cooperative loan was also approved to enable staff meet their basic needs due to pressure on monthly salary as their common source of income.
“However, a Committee headed by the DCM (AHR) was set up for the review of loans and advances to members.
“So far, disbursement for auto loan is ongoing and we can assure you that all members’ requests will be properly attended to and loans granted with ease, while considering applicants’ integrity with appropriate recommendations,” he said.
The President of the Society, ACM Shehu Mohammed, said the results for the 2021 financial year was a reflection of resilience and commitment of his team in the face of challenging economic conditions, especially the effects of COVID-19.
Mohammed said the society experienced yet another year of strong growth, mainly attributable to increased patronage by FRSC Staff to IBTC Bank Loan Scheme, which contributed 45 per cent of net operating income during the year.
According to him, the total disbursement of IBTC loans within the financial year 2021 was N1.2 billion to 4,200 beneficiaries while the cumulative disbursement from the commencement of the scheme in 2014 to date is about N5.09 billion to 13,531 beneficiaries, mainly FRSC Staff.
“The positive impact of increased revenue from our day to day business activities stood at 40.78 per cent over the year 2020 from N608.7 million to N856.9 million resulting to improved profit for the year 2021.
“The profit before Investment Income rose by 33 per cent compared to year 2020 to close at N94.8 million.
“Based on the financial results laid before you, the cooperative management proposed a dividend of 4 kobo for every N1 saved by members as dividend pay-out for the year 2021 financial year, which translated to 33 per cent increase over the previous year 2020.
“The total proposed dividend for the year under review is N60 million payable as the AGM is concluded and endorsed by the corps marshal,” he said.
The president said the earning per share had also improved steadily over the years with 6 kobo in 2017; 18 kobo in 2018; 20 kobo in 2019; 49 kobo in 2020 and 66 kobo in 2021.
He added that the cooperative had remained consistent in dividend payment since 2018 with N31.8 million in 2018; N36 million in 2019; N45 million in 2020 to N60 million in 2021.
A member of the cooperative, Albert Hansen, a Superintendent Commander, said the society had continued to help members to achieve many things like housing needs.
Hansen said he had been able to execute projects through loans from the cooperative, adding that the FRSC cooperative society had been ran in the most efficient mannernan.
