No fewer than 109 members have so far received their refund after requesting for termination, the management of Baraza Multipurpose Cooperative Society, said on Friday in Yenagoa, the Bayelsa State capital.
The payment to the 109 members who belong to the N100,000 category amounted to N10.9 million, according to the Chief Executive Officer of Baraza, Miebi Bribena.
Bribena made this disclosure at his weekly Facebook live session, aimed at updating members of the cooperative of the current efforts of the management to make Baraza bounce back to its glory days.
He said out of the 40,000 members of the cooperative, only 919 members have applied for termination, which he noted is less than one percent of the membership, an indication that most people still have confidence that the storm will soon be over for them.
His words: My dear members of our great Baraza family, welcome to yet another weekly update on the progress we have made so far. Today’s weekly update is in line with the launch of our road map to recovery, where we outlined our plan and the actions we are currently taking to resolve this temporal challenge and come out stronger than ever.
“Now to the agenda for today, I would like to stress that our progress will be slow at the initial stage but we will continue to make progress, and ensure we carry you along.
“Trading: We have made tangible progress in our trading infrastructure, and our team is working to ensure we get back to profitability soon. It is important to note that these things take time, so we continue to ask for cooperation and understanding from members.
“I want to stress that we need to make profits from trading to come out of this temporal challenge and live up to our obligations of paying outstanding backlogs and refund on verified termination applications. I am happy that we are making progress in this regard.
“Verified termination application & ongoing refund: We have put together a comprehensive list of members who have applied for termination, and I will be reading out the details based on their branches.
“So far, out of 40,000 members, only 919 members have applied for termination, which is less than one percent of our membership. This indicates that most members show confidence in our ability to resolve this crisis and resume payment of the return on commission.
“I want to clarify that it will take 30days after the termination application is made before a refund is effected. Also note that we are only attending to the 100k category for now. Others will follow afterwards.
“Refunds made so far: I am pleased to announce that we have started making refunds to individuals who had applied for termination and have already been profiled. So far, 109 members in the 100k category have received their refund, and this sums up to 10.9 million naira refunded.
“As we promised, we will not rest until every member gets what is due to them and want to continue asking for your support and understanding.”
On the issue of payment of backlog, he said: “As we promised, the payment of all outstanding backlog is a priority on our list. We are currently collating all the names of individuals affected by this and would begin payment as soon as we can accommodate these during the 90 days pause period. I want to reassure everyone in this category that you will get your money. Our focus now is to continue to trade and make profits to handle all of these outstanding payments”.
Bribena used the briefing to again thank all the members, concerned stakeholders, and the general public for their prayers, support and understanding, reassuring that the management remains committed to the ideals of the cooperative.