From Moshood Karim
The need to uphold ethical standards devoid of corruption and embezzlement of cooperative funds by trustees was a key highlight of the 2025 first-quarter Town Hall meeting of Edo State cooperative societies managers. The event, organised by the Edo State government through the Ministry of Business, Trade and Cooperatives, took place on Wednesday in Benin City.
Declaring the event open, the new Permanent Secretary of the Ministry of Business, Trade and Cooperatives (MBTC), Barrister (Mrs) Felicia Edokpolor, emphasised the necessity for trustees of cooperative societies to display the highest level of professional integrity. She stated that maintaining trust is essential to ensure members receive the dividends of their cooperative investments.
“I welcome all cooperative leaders in the State to this first town hall meeting for 2025. This is my first time engaging with stakeholders in the cooperative ecosystem since assuming office as the permanent secretary,” she said.
Edokpolor acknowledged the significant economic contributions of the cooperative movement, stating: “The cooperative movement has, in no small measure, positively impacted economic development at state, national, and global levels. Cooperatives rank highly in social, environmental, and economic development, with over one billion members worldwide. Statistics indicate that 12% of global employment is attributed to cooperatives.”
However, she noted that the sector is facing challenges, particularly mismanagement of funds by trustees.
“In less than two months in office, I have received numerous complaints about the mismanagement of cooperative funds. Trustees are supposed to be custodians of these funds, managing them with transparency and accountability,” she stated.
She implored cooperative leaders to desist from treating cooperative funds as personal wealth, urging them to involve members in decision-making processes to prevent financial mismanagement.
“I want to believe that after today’s interaction, we will put an end to the mismanagement of members’ funds. These funds are not personal money; they belong to all members. Trustees should ensure transparency and carry members along when making decisions,” she warned.
The event also featured a presentation by the President of the Edo Cooperative Federation, Mr Ojo Filani, who highlighted the importance of education and training for cooperative managers.
“We are here to interact, collaborate, and learn new techniques and innovations. No idea is foolish, and every contribution matters. Proper management of cooperative funds is crucial for the sustainability and growth of our cooperatives,” Filani stated.
A representative of Prudential Choice Micro-Insurance delivered a presentation on the importance of insurance policies in protecting cooperative businesses and funds. Additionally, a representative from Paradigm Shift, Akashx Academy, spoke about leveraging internet-based business opportunities and alternative income sources.
The Economic and Financial Crimes Commission (EFCC) was also represented at the event. Mr Williams Oseigale, a representative from the Acting Benin Zonal Directorate, stated that the EFCC is collaborating with the Ministry of Business, Trade and Cooperatives to address fraudulent activities among cooperative trustees in the State.
“The Commission has received multiple petitions implicating some trustees in fraudulent practices. There is no shortcut to success and wealth; only hard work and integrity can sustain financial progress,” Oseigale stated.
He also warned against fraudulent activities such as cybercrime, urging parents to educate their children on the dangers of dishonest wealth acquisition. “Any attempt to acquire wealth dishonestly will lead to disaster,” he cautioned.
Highlighting the EFCC’s track record, Oseigale noted, “In our 22 years of existence, we have successfully prosecuted financial crimes involving civil servants, ministers, governors, and private individuals.”
The Director of Cooperatives at the MBTC, Mrs Efeoma Enoma, reaffirmed the ministry’s commitment to ensuring cooperative members receive their rightful dividends. She announced that moving forward, cooperative societies’ financial records would be closely monitored.
“This year’s United Nations theme, ‘Cooperatives Build a Better World,’ underscores the vital role cooperatives play globally. The ministry will intensify efforts to ensure cooperative societies in Edo State adhere to best practices,” Enoma stated.
Uptown Press NG reports that, the town hall meeting underscored the governor Monday Okpebholo led-government’s commitment to strengthening the cooperative sector through transparency, accountability, and continuous education of stakeholders.
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