The Waterfront Boat Owners and Transporters Association (WABOTAN) Cooperative Multipurpose Society Limited has upgraded its share capital value from N10m to N20m. This is even as it charged members and industry stakeholders to imbibe the culture of savings and investments in building sustainable wealth.
Speaking during the annual celebration of the World’s Cooperative Day held at the association’s headquarters in Lagos over the weekend, the President of WABOTAN Cooperative Multipurpose Society; Chief Raymond Gold noted that the society which was inaugurated on the 19th of November, 2022 has been able to upgrade its share capital value from N10m to N20m with all shareholders entitled to not less than 25,000 units and not above 500,000 units.
Chief Gold also stated that the Cooperative society is working in line with the first three Social Development Goals (SDGs) which include No Poverty, Zero Hunger and Good Health. He added that the society has embarked on a food share programme where it would partner with local food manufacturers and farmers in providing food items and livestock for members to buy at cheap prices below market rate.
The Cooperative President informed that it has started engaging food manufacturers to serve as distributors in order to create wealth for the society and also provide basic food items for members. Other initiatives of the society include assets acquisition and empowerment programmes for members amongst others.
Giving details on the Cooperative society’s membership process, Chief Gold informed that prospective members are expected to be members of WABOTAN and also open to other stakeholders who have related businesses with the activities of the association. He noted that the registration fee for boat owners is N10,000, while other relevant stakeholders and members such as fishermen and boat operators will pay N5,000 to join the Cooperative Society.
While delivering a keynote lecture themed: “Cooperative as a way of Building Sustainable Wealth in Today’s World”, the Apapa Area Office Assistant Chief Registrar of Cooperative, Mrs Adebukola Ajiroba elucidated on the importance of savings and investments among members of the Cooperative society.
Mrs Ajiroba noted that the activities of the cooperative society is aimed at providing dividends, empowerment, food security and nutrition for members who are disciplined and faithful, to taking investments risks and their monthly savings. She also informed that there are several loan benefits from the state government to eligible Cooperative Societies and their members.
She however charged the executives of the cooperative society to be transparent in their activities, organize Annual General Meetings and ensure they periodically present the stewardship of the society and audited accounts to the state government for approval.
On his part, the National President of WABOTAN, Comrade Babatope Fajemirokun urged all members to seize the opportunities provided by the society for their financial empowerment and wealth creation. He also promised that the association will continue to give the society its support for human capacity development.
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