Members of Baraza Multipurpose Cooperative Society are divided whether or not to retrieve their capital or continue with the scheme, following the three months extention announced by the management.
The Chief Executive Officer of Baraza, Miebi Bribena at the last meeting of the organization on Saturday, pleaded with the members to give him extra three months to sort out pending issues before resuming the monthly payment of Return on Investment (ROI).
Bribena’s pronouncement came on the heels of what he described as the fluctuating forex market, which has not stabilized trading for several weeks, thus affecting the inflow of profits.
The disclosure by Bribena made some investors to demand for their capital and the organization issued a statement asking all those with one hundred thousand naira capital who are interested in retireving their monies, to visit its head office and follow the processes in order to get their monies.
But some members of the cooperative have vowed that they will not ask for the termination of their membership and refund of capital as they believe the current setback will soon be over.
They acknowledged the challenges facing the organization, noting that it is normal for businesses to go through tough times and expressed optimism that things will be normal within the next three months.
A member of the cooperative, Doubra Israel said; “I joined Baraza since last year and it has been paying me. It will be bad for me to just leave them because of what they are going through. I am not that kind of person so I will stay and see the end. I encourage others to do same.
Another member, Anthony Ikisikpo, said “through Baraza I have bought a land and have started building my dream house, so I cannot abandon an organization that has done so much for me within a short time, even though I am pained just like many other members.
“What people don’t know is that there is always ups and downs in everything. I understand the feelings expressed by some people, especially with the circumstances and pains we members have suffered, but I know we will settle our differences. It’s painful but I will just have faith and pray. Me, I believe Baraza will bounce back if the right things are done. I know that for sure.
“Yes, some people have not benefited so much so they are the ones feeling the pain so much, I sincerely sympathize with them. For people like me who have bought land and has reached window level with my house, I will not leave. Baraza must complete that house for me.
For Sariki Wisdom, he said; “I am not terminating everything. I have two accounts with them, one with 100 thousand and the other with 250 thousand. I feel it will be a loss to me if I take everything out. I cannot say I have not benefited, so let me terminate this first one and hope that everything will get better.
“This whole thing where people are raining insults on the man, I feel is too much. He has done good and I believe God will help him to continue”.
A member of Baraza’s management team, who didn’t want his name mentioned told our correspondent that the panic by some members, though understandable, was unnecessary, as the scheme has not crashed, contrary to naysayers and sadists.
He explained the difficulties associated with forex trading but assured that in a few weeks everything will come back to normal and the target of reducing poverty in the state will be achieved.
“The panic is not necessary. Its is a normal business crisis that we are working hard to overcome and soon we will”, he said.