COMMUNIQUE
Arising from the Pre-AGM Management Committee Meeting held on Monday, 20th of July, 2020, the committee deliberated extensively bearing in mind the following facts:
That Coronavirus, commonly known as COVID-19, emerged in December 2019 and has quickly become a global pandemic that threatens the health of individuals and the welfare of societies on a vast scale, including its impact on global economic activity and growth. Today, the COVID-19 crisis is well-documented in the media and continues to propagate in many countries around the world, including Nigeria.
While government policy responses will be required to address, as a matter of urgency, the risks to individuals and public health, the COVID-19 crisis is also having a real impact on economic activities and financial markets. Particularly, the unfolding and profound uncertainties create great challenges for corporate organizations like NUT FCT WING CO-OPERATIVE SOCIETY LTD, the boards and the investors as we contemplate how best to navigate these difficult and dynamic times.
Generally speaking, cooperative are required by law to hold Annual General Meetings (AGM) to present their statement of financial affairs to shareholders/members, however, with restrictions imposed on social gatherings as a result of COVID-19, it becomes glaring that holding these meetings over the next few months will be difficult or to be more realistic, impossible.
As a result of the above, it is anticipated that Co-operatives may soon find themselves suspending their annual general meetings (AGMs) indefinitely or explore other ways of holding such meetings without flouting government directives and/or endangering the lives of our dear members.
This may also mean that Cooperative intending to hold mandatory meetings such as AGMs and or Extraordinary General Meetings (EGMs) may have to look for a “walk-around” arrangement that meets minimum legal requirements while still respecting the rules of social distancing at a time of a pandemic virus spread as this.
Also, While considering the clamor by members to pay dividend as evidenced on our various platforms with a view of cushioning the effect of COVID-19 and
To reduce the potential numbers in physical attendance at the forthcoming AGM to the barest minimum needed to constitute a quorum, in the byelaws of the co-operative, members are hereby informed that considering the present global health challenges of COVID-19, that the Management Committee (21-members) as the second organ in the strata of co-operative business administration be mandated to represent the entire members at the AGM on their behalf scheduled to hold as follows:
Date: 27th day of July, 2020.
Time: 10:00am prompt
Venue: FCT Teacher’s House after Sharia Court of Appeal Along Dukpa Road,
P.O. Box 21, Gwagwalada, Abuja.
To transact the following among other businesses:
1. To lay before the members the Report of the Management Committee, present the Balance Sheet together with the Income and Expenditure Account for the year Ended 31st December, 2018 & 2019.
2. To declare and approved dividend for payment to members.
3. To receive report from Electoral Committee
4. Any other business.
NB: ATTENDANCE BY NON-MANAGEMENT MEMBERS IS HIGHLY DISCOURAGED
Signed:
MANAGEMENT COMMITTEE