Cooperative society advises members to be thrifty

THE President of Lagos University Teaching Hospital/College of Medicine Multipurpose Cooperative Society Limited, Olofunluyi Ojo Taiwo, has advised members on the need to be spend thrift, especially in this festive period.Taiwo, who is rounding off his tenure as the president of the society this week, urged members to be disciplined in their finances, stressing that while celebrating the festive periods, caution should be taken over expenditures.Speaking at a press conference to announce the preparation for the election of the society's executive, at the 47th yearly general meeting holding today, Taiwo urged members ensure that those who will sustain the society are elected, noting that the asset of the society must be maintained and improved on.He said that the asset base of the society is worth more than N1 billion as at today, compared to N100 million which his administration inherited four and half years ago.'When we came on board, the asset-base of the society was less than N100 million, but as at today, the asset-base is worth more than N1 billion,' he said.According to him, 'for more than five years, no yearly meeting took place. Members don't know what was going on. It was very difficult for members to be given access to loans and members were owed more than N109 million.'The society now can boasts of an estate of 109 buildings, which have been allocated to their members and will be commissioned next month, 32-room hostel at LUTH, two 32-seater buses and a bus, which are into transport service for the society.
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