Salutation
- Cooperative………………………… Oneness!
- Cooperative…………………………….Power!!
- Cooperative…………………………Progress!!!
All protocols observed,
I welcome each and everyone of us to this very important meeting – Ordinary General Meeting(OGM) which is the first of its kind in the history of our great society LASCOMED. So we are gathered here today to make yet another landmark history in the life of our cooperative society.
Our great society(LASCOMED) was established about 25 years ago by some visionary leaders such as Dr. Sodiq (of blessed memory) who was the first president and other great leaders and successive presidents like Mrs. Ajala A. A., Chief Oyelakin J. O., Dr. Bello A. O., Mrs. Osiobor-Diamond R. K. and Mrs. Sikaiye O. T.
At the inception of the society, members paid N1,000 each as share capital so as to become a shareholder ( a bonafide member) of the society. This share capital formed the capital base –working tool for the society.
Over the years, we are grateful to God that our society has grown in heaps and bounds, we have recorded geometrical increase in the number of members, we now have higher loan portfolios.
You will agree with me that the value of N1000 in 1993 is a fraction of kobo now in 2018 (due to the national economic pressure in the country).
Similarly, savings of N500 then (1993) has grown to something like N50,000 or more just to be on average, loans at that time were usually less than N1Million.
When we look at the economic situation at this contemporary time with increasing inflation and market value of products, you will agree with me that there is great need to step up our game by solidifying and consolidating our finanacial capital base to match the prevailing economy by increasing the number of our share capital.
Our coming together today is to ratify the proposed N50,000 share capital holding contribution by every member to form a new capital base.
This will enable us perform more optimally and maintain our leading and enviable position among the cooperative societies in Lagos State.
Today, the society can boast of new loan portfolio up to N 6Millions for an individual even at a reduced interest rates. This is one of the many things we can achieve with a better and increased share capital.
It is time to make this sacrifice which in actual fact is long overdue and the management team have worked our details of deduction that will not cause pain to any member.
All we seek is your cooperation and usual trust that we are doing this for our better future.
Thank you and God bless.
Cooperative …………………….. Oneness!
Cooperative ……………………… Power!!
Cooperative………………………. Progress!!!
Mr. Dina J. O.
President