The Alumni Association of the National Institute (AANI) has launched its Multipurpose Cooperative Society. Former Inspector General of Police, IGP MD Abubakar, mni who is the president of the association revealed on Tuesday that AANI Multipurpose Cooperative Society Limited was recently licensed by the Department of Agriculture Federal Capital Development Authority.
AANI president who spoke during launch of the cooperative Society at body’s national secretariat in Abuja further said, “it is expected that the Cooperative will be able to raise N250 Million as a takeoff share capital.”
In order to attain the funding target, the President said, “Members are to buy shares of N100,000 each in the Cooperative, our target is to get one thousand members to key into this to give us N100 Million.
“The National body is to buy N5 Million worth of shares every year. AANI National has already paid N2 Million for this year and the balance will be paid before the end of the year.
“AANI State chapters are to buy shares worth N2 Million every year
“Each SEC is to buy N3 Million worth of shares,” he said
AANI President also outline the benefits of the cooperative society including the fact that “Members can access multiple of their contributions in the Cooperative at single digit interest rate.” He said it will also “Support members to access intervention funds”
Furthermore, he said, it will, “Support members to package Bankable Business Plan for their business ideas,” just as it will come in handy in “Organising training for members”
In his remarks while launching the cooperative society, the AANI president specifically hailed “the Business Development Committee chaired by Mr. Kola Diya, mni for a job well done”.
The President further disclosed that “At the National Level, all Executive Members have already keyed into this laudable project. They have all bought their own shares of N100,000 and paid N10,000 for registration, that is leadership by example. In like manner all State Executives and Monitor-Generals should please follow same.
“It is expected that by end of January, 2021 all Distinguished colleagues, Chapters and SECs must have completed payment of their share holding and a management committee will be set up independent of the AANI EXCO mandated to manage and run the affairs of the cooperative society. It is our hope that we should be able to conclude this before our next AGM and the forthcoming election in March, 2021.
“The Cooperative Society registration form is now available at the Secretariat, those who have paid their registration fee of N10,000 should pick up their form, complete it and return it for processing. The state Chapters and SEC Monitor Generals are to collect forms for their members. We appreciate those who have just paid for their shares, they will all get their receipts on Tuesday 10th November as we launch the Cooperative.
“In order not to lose the import of our comments on the Cooperative on the AANI general platform, we have opened a whatsapp platform specifically for the Cooperative. We enjoin all state chapter chairmen and Monitor-Generals to join the group to enable them disseminate information to their members.”