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301HAGCMS AGM 2020 COMMUNIQUE

The publication of the FY2020 Report on the 301 HAG Cooperative Multipurpose Society (301HAG CMS) website as well as on this WhatsApp group climaxes the activities for the financial year 2020. Customarily, the Cooperative is expected to hold an expanded AGM to review activities for the past year as well as discuss critical issues aimed at advancing the Cooperative to greater heights. However, the realities of the ongoing COVID-19 global pandemic and the FGN’s efforts at curbing the spread is still quite imminent. Accordingly, in compliance with Government’s COVID-19 protocol restricting large gatherings of persons, the Cooperative decided NOT to hold the usual AGM this year as well. In other to compensate for the AGM, executive committee members and a carefully selected representation of the Cooperative’s stakeholders within the Lagos area only as well as representatives from the Ikeja Cooperative area held a meeting on 18 July 2021 at the Cooperative’s headquarters and virtually during which some salient points were raised, deliberated and adopted. Therefore, this communique conveys highlights of the issues raised and decisions adopted during the meeting to stand as AGM communique for 2020. It is hoped that situations will change before the 2021 AGM to enable a physical meeting. These issues are as itemized below:

  1. ​Disbursement of dividends to all Cooperators as captured in the FY2020 report in line with opinion poll results from FY2019 report.
  2. ​Since the expanded AGM could not hold, funds earmarked to cater for admin and logistics during the AGM will now be shared equally among all cooperators who were active as at the last quarter of 2020 when the sharing formula was decided. This disbursement will commence immediately starting from today, 27 July 2021. Cooperators are kindly requested to acknowledge receipt via various platforms available.
  3. ​In order to aid planning should COVID-19 restrictions persist next year, polls on modalities for the disbursement AGM fund for Year 2021 have been prepared and would be published for Cooperators inputs on the websites as well as other channels in coming days. Cooperators are kindly requested to spare 3 to 5 minutes to complete this survey and contribute to a better 301HAG CMS for us all.
  4. ​Modalities for online electoral process and polls would be disseminated to enable members make their inputs as detailed below: (August 2021 sensitization, September 2021 constitution of electoral committee, October 21 publication of elective offices and criteria, November 2021 indication of interest by aspirants and December 2021 virtual/physical voting into elective offices).
  5. ​Publication of FY2020 Report online as well as physical dispatch to various NAF locations across Nigeria. This is still ongoing while the electronics copies are already published.
  6. ​Diversification of investment into real estate, prospects for BDC registration, agriculture and Cooperators Targeted Savings Scheme (CTSS)
  7. ​Implementation of phase one of Quick Cash Scheme (QCS) Credit card as well as introduction of other varieties of the QCS Cards from other partner banks.
  8. ​Publication and dissemination of the 301HAG CMS Estate master plan.
  9. ​De-emphasizing the purchase of foreign rice brands once the current old stock is exhausted to encourage patronage of locally processed rice and/or give money equivalent to members if desired.

10.​Introducing forensic Auditing of accounts as well as engaging the services of external auditors from FY 2022.

11.​Prospecting for a viable insurance company that can meet the peculiarities of the 301 HAG CMS and that of her members.

12.​The Cooperative is very focused and steadfast to its founding principles and mission of meeting the welfare needs of all members. It is therefore requested that all cooperators ensure the sustenance of this vision by making positive criticisms where necessary as well as ​completing online polls or surveys aimed at gathering opinion from all members.

Thank you and please stay safe
Cooperative Management.

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