JOHN ONAH, Abuja
The Executive of the Ministry of Defence Agricultural Cooperative Society (MODACS) said it has accomplished 75 per cent of what it has promised the Members of the society.
The President of MODACS, Dr Edacbhe Okoh Adigwu, who disclosed this in Abuja over the weekend at the Cooperative society’s Annual General meeting (AGM) said, “We have are [sic] sharing more that 300% of what was shared last year.”
The President reiterated his determination towards ensuring that members attain financial stability.
He said that for the past one year, the cooperative remained undoubted resilient in the pursuit of of the expectation of its members self-sustaining, members access to loans for agricultural development as it provides development solutions in the financial services arena for the benefit of its members.
According to MODACS’ President, the scheme gives members the opportunity to improve on their savings culture and make wise investment decisions.
“Ministry of Defence Agricultural Cooperative Society operates a collectively free loan process that only requires one to have and tender a verifiable integrated personal payroll and information system (IPPIS) number.
”Being under IPPIS platform with such a verifiable number confirms and qualifies one to be a government worker and to access MODACS loans respectively.
”However, in a situation the borrower is not under IPPIS platform, an IPPIS compliant number will be required to undertake the loan needed or the applicant will be required to access the loan below or limited to the amount saved.
”This condition also applies to retirees who still maintain or service their Financial membership of the cooperative through periodic cash deposits into MODACS accounts members and non members of MODACS have always leveraged these stress free loam processes in meeting their needs.” the president explained.
The MODACS’ president, earlier in Pre-AGM briefing, disclosed that the laudable initiative would assist members take practical steps in establishing their own farms and businesses through the support of relevant government agencies.