AN ADDRESS PRESENTED BY THE PRESIDENT OF THE NATIONAL LOTTERY

REGULATORY COMMISSION ABAKALIKI STAFF CO-OPERATIVE, THRIFT AND LOAN

SOCIETY LTD. MR. OKONKWO VITALIS C. AT THE 2020 ANNUAL GENERAL MEETING
OF THE COOPERATIVE SOCIETY HOLDING TODAY THE 11 TH DAY OF MARCH 2021 IN
THE LICENSING AND OPERATION DEPARTMENT HALL NLRC-EBONYI OFFICE.

1. PROTOCOLS:
I humbly and heartily welcome all of you to the 3rd AGM of our great Cooperative Society with
the theme: CONSOLIDATION PHASE 1. On 14 th of February, 2019 after our Inauguration, I
promised to work very hard with my team to reposition the cooperative society. To the glory of
God, we have kept our promise.

Moving forward, the year under review 2020 was a very challenging year and was devastated
economically across nations by Corona Virus. Financial institutions, Real Estate, Entertainment
Industry and the once very lucrative Oil and Gas industry in Nigeria which is the major source of
income was badly hit by Covid-19.

Small and Medium Scale Industries were not spared as most of them packed up as a result of the
consistent National lockdown declared by the Federal Government of Nigeria.
Sincerely, at times like this only very few companies survive and the lucky few that stay afloat
are managed by probably the best hands who embraced best Business Operation Standards with
extreme caution.

Am happy to announce to you that our very own cooperative society is one of the few companies
that not only survived the Corona Virus crisis but made over One Million Naira (N1,000,000.00)
as net surplus.
We deployed the best managerial skills to pilot the affairs of our great cooperative society in a
transparent, open and accountable manner.

I want to state emphatically that this administration under my leadership has enjoyed massive
support and cooperation from fellow cooperator. Your loyalty, commitment and absolute faith in
us made the results we are celebrating today possible.

I want to use this opportunity to seek your continuous support this year 2021 before our tenure
comes to an end. We will be preparing to elect new Executive Committee members in August
2021.

1. MEMBERSHIP:

The cooperative society welcomed and registered ten (10) members within the period under
review. Two (2) members withdrew their membership from the cooperative society. Presently
we are 33 members in our nominal roll which comprises of 22 males and 11 females.

2. BUSINESS ACTIVITIES

We have worked diligently during the year under review to attend to steady request of Loan by
desiring members. As a result, a total of N11,549,200.00 only was granted as loan to members in
2020. The resultant effect has greatly improved the standard of living of our members as many
have invested their money wisely and our Loans have saved members from patronizing
commercial banks whose interest rate are very outrageous. Am happy to inform you that
majority of our members have diligently fulfilled the terms of their Loan repayment plan.

3. BUSINESS RESULT:

In the year 2020, our cooperative society made a Net Surplus of N1,041,692.70 as against
N898,985.14 in the year 2019. This tremendous increase was achieved with the continuous
support and patronage we have been receiving from our loyal and committed members and strict
adherence to the viable policies we introduced in 2019. We operate one of the lowest interest
rates in Ebonyi State and Nigeria at large.

4. MEMBERS INVESTMENT:

Our main source of income include: Ordinary Savings, Monthly Dues, Penalties, Fines and
Special Savings. As at 31st December, 2020, our member’s Ordinary Savings stood at
N5,287,270.32 while Special Savings is N6,000.00

5. PROPOSED DIVIDEND:

A dividend of N520,846.35 representing 50% of the Net Surplus has been proposed to be shared
to qualified members accordingly. On this note, I encourage our members to increase their
Ordinary Savings contribution so as to access greater share of the declared dividend. We already
know that the highest contributors take the highest percentage of the dividend. Also 25% of the
Net Surplus (N260,423.18) has been proposed for the Reserve Fund which will in turn increase
our general society funds.

6. ACHIEVEMENTS

Within the period under review, the Executive Committee Members under my leadership defiled
the Corona Virus pandemic and provided the much needed Leadership and ensured that we
addressed financial needs of our members, some of which are listed below;

a) We arranged and met severally in official meetings despite the lockdown to review our
operations and approved loans for qualified members. Our able Treasurer and the
Secretary General visited banks regularly which were overcrowded and stressful in order
to make the approved loan amount available to members.
b) Introduction of extended long term loan of N600,000.00 repayable for a period of either
one (1) year at 10% interest rate or one (1) year and six (6) months at 15% interest rate.
We stabilized the cooperative society with great policies that are members friendly and
consolidated on the great achievement of 2019. As we can observe, the era of deficits is over
and has been replaced with consistent mouth watering Net Surplus.

c) With our unique style of leadership which is evident in the speed which loans are
approved and money disbursed to qualified members amongst other things. Our
cooperative society has been rated high as stable, visionary and financially very healthy
since the present administration took over the affairs of our cooperative society.
 7. CHALLENGES:

Since the formation of our great cooperative society, the absence of credible system for
deducting our money at sources has given room for defaults in payment of Ordinary Savings,
Monthly Dues, Loan Repayment and collection of both Fines and Penalties

Most members are still contributing within the bench mark of N4,000.00 for Ordinary Savings as
such we have limited funds to invest in business and loan to members.

8. APPRECIATION:

It is our pleasure to recognize and appreciate the three highest contributors in our cooperative
society as at 31st December, 2020

a. Mr. Ajibogun Fidelis --------- 1st position

b. Mr. Michael Umealadi --------- 2nd position
c. Hon. Nwamini Sylvester --------- 3rd position

They will go home with the sum of N35,464.75, N31,981.33 and N24,349.43 cash dividend
respectively. Congratulation to them. Like I said last year, members should increase their
ordinary savings which could be their gratuity/pay off at retirement from service.

9. CONCLUSION:

Distinguished guests, fellow cooperators, let me use this opportunity to thank God Almighty for
His Wisdom and Grace to us to pilot the affairs of this great cooperative society. I want to
equally appreciate the Director Cooperative Societies Ebonyi State (Mrs. Ezeoha Immaculata)
and the Auditor (Mrs. Victoria I. Okewa) for their overwhelming support to this Administration
and the Cooperative Society in general.

I won’t forget to mention the great encouragement and support from our former coordinator (Mr.
Fidelis Ajibogun) to this cooperative society. We have enjoyed great ideas from our Business
Development Committee headed by Mr. Anoforo Martin and we can’t thank them enough.

Finally, I want to specially appreciate our members who have overwhelmingly demonstrated
high level of commitment, loyalty and support to our cooperative society. The Executive
Committee members have succeeded because of your outstanding cooperation and great faith in
my administration. I will continue to seek your support as we are ever ready to render great
service to our cooperative society. It can only get better, I assure you fellow cooperators.

Thank you and God bless.