This message is for members only

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Dear Valued Member,

“That the Management Committee (MC) is appealing for the understanding of members that considering the hyperinflation that has triggered the cost of materials or services in the market which has an adverse impact on the cost of conducting AGM, we are seeking your approval that the outstanding 2023 AGM (13th AGM) be held in a low-key in order to substantially cut cost and deliver more dividend to members similar to what obtained during the covid-19 period. In other words, we are seeking your approval that when the 2023 accounting work is completed, the derived dividend should be posted to your respective account without an elaborate AGM like this for only 2023 proceed”.

With reference to the above extract of our 12th AGM report proposals,

The Management Committee meeting was held yesterday, the 26th day of September, 2024 which resolved inter-alia as follows:

  1. That considering the level of preparation of Final Accounts work done so far and what is left to be done, that on Wednesday, the 30th of October, 2024 is slated for the low-key 13th AGM and dividend disbursement to respective members account.
  2. That in view of the current challenges confronting the Integrated Personnel and Payroll information System (IPPIS) and our members deductions as well as inability to access members payslips via IPPIS which is hampering the processes of loans application assessment and recovery at source, it was also resolved that  loan disbursement should be put on hold pending when the deductions uncertainty will be rectified, effective immediately and as such the Co-op. Management regret any inconvenience this might cause you and thank you for your anticipated co-operation and understanding. The members concerned with the resolution above are members from the following agencies: FCDA-SEB, UBEB, FAST, ERC, DME, EDU-SEC. etcetera.
  3. In a related development, we are pleased to inform you that the NUT-FCT WING CO-OPERATIVE will NOT issue loans on the main week of the 13th AGM i.e. Monday 28th October to Friday 1st of November, 2024 in order to give the staff ample opportunity with concentration to conclude works on accounts, prepare a dividend database for onward crediting to respective members account.

Best Regards.

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