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Reps probe N30bn misappropriated cooperative fund

by Editor

October 11, 2018 | 8:20 pm
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The House of Representatives on Thursday unveiled plans to probe a petition on misappropriation of N30 billion leveled against

According to the petition dated, 28th September, 2018 laid by Rotimi Agunloye (APC-Lagos), the money was paid by over 13,000 subscribers into the Cooperative’s accounts since May 2018 till date.
The petitioners numbering about 1,000 subscribers, prayed the House urged the House to facilitate the refund of deposited funds and investigate the role played by the regulatory agencies and deposit banks which managed the controversial accounts.

They also stressed the need for the House to rescue them from financial bankruptcy resulting from the regulatory lapses, by mandating the Committees on Federal Capital Territory, Banking and Currency, Financial Crimes and Public Petitions to investigate the role of the Federal Capital Territory Administration’s
Department of Cooperative Societies in the registration and regulation of Micheno Multi-Purpose Cooperative Society.

This, according to them, would enable the committees to determine the existence or otherwise of regulatory lapses.

The petitioners who queried the regulatory role of the apex bank in the irregular operation of the accounts of Micheno Multi-Purpose Cooperative Society domiciled with some commercial banks in Nigeria.

They also urged the committees to direct the CBN to produce and further mandate all commercial Banks where Micheno Multi-Purpose Cooperative Society held accounts to present all financial statements of Micheno accounts.

“Sometime in March 2018, the Promoters of Micheno Multi-purpose Cooperative Society (the “Cooperative”) obtained a certificate of registration from the Department of the Federal Capital Territory Administration responsible for the registration of Cooperative Societies and thereafter made advertisements and representations to the public inviting people to subscribe to the Cooperative.

“The Promoters in their advertisements and representations held out that the Cooperative will make investments in agriculture, real estate, entertainment and events, oil and gas, haulage and logistics, general marketing of goods & services and offering of credit facilities.

“Subscribers were to receive interests on deposits made to the Cooperative after such funds would have been invested in the approved areas of investment for the Cooperative.

“Prospective subscribers were required to fill the membership registration form, pay a subscription fee of N10,000 and thereafter deposit a minimum sum of N100,000 which will entitle them to interest of an agreed percentage of their individual deposits.

“A person becomes a member after filling the membership form and upon payment of the N10,000 subscription fee.

“In response to the said advertisements and representations, over 13,000 people have become members of the Cooperative and have deposited various sums of money including the Petitioners herein,” the petition read in part.


by Editor

October 11, 2018 | 8:20 pm
  |     |     |   Start Conversation

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