THE Lift Above Poverty Organisation (LAPO) Staff Multipurpose Co-operative Society, on Friday in Benin City, the Edo State Capital held its 2nd Annual General Meeting (AGM), as Mrs. Lillian Ehigiamusoe, was elected and inaugurated as the new President of the Co-operative.
Other Elected members of the Scheme are James-Wisdom Abhulimen (Vice President),. Iyamu Daniel (Treasurer), Nosa Omorodion (Financial Secretary) and David Agho (Auditor).
In her brief acceptance speech, Mrs. Ehigiamusoe promised to operate an open-door policy that would better the general interest of the members.
She thanked the people for the confidence reposed in her and promised to consolidate even more on the feat achieved by the past Executive.
Earlier in her welcome address, the outgoing President of the cooperative, 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 cooperative 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 and we have consistently paid dividends to contributors”.
On her part, the Director of Co-operative Services, Efomo Enoma, commended the LAPO Conglomerates for giving members the platform to operate, saying AGM is the festival of every Co-operative Society.
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