ATBUTH Bauchi Cooperative Society Members Get N8M Loans


Staff of Multi-Purpose Cooperative Society of the Abubakar Tafawa Balewa University Teaching Hospital, ATBUTH Bauchi has in the last five month distributed over N8 million as loans to its members.
The chairman of the society, Nuhu Malam Nuhu disclosed at the congress meeting of the society at the hospital in Bauchi that the money was collected from over twenty million Naira generated by members during the period under review.
Nuhu explained that the Society takes into cognizance the salary strength of its members before issuing loans to them which, he said, was interest free aimed at improving the welfare of members.
According to him, the sum of over N1.6 million was generated as profit from the businesses conducted by the organization while N796, 000 was expended in running the activities of the group.
During the congress, members of the society unanimously agreed to raise the monthly minimum contribution of members to N2, 000 each in order to enable the organization generate enough money for its activities.
The congress also agreed that all members from salary grade level one to five are expected to buy at least thirty thousand shares of the society while those from levels 6 and above will buy at least sixty thousand shares.
The society chairman told congress members that about N50 million is expected to be accrued into the society’s coffers following this new development.
He also revealed that the society has signed a memorandum of understanding with JIFATU store for the supply of essential commodities and other items for its members at subsidized prices.
The chairman, who commended the management of the hospital for its support and cooperation, also thanked the entire members of the organization for their understanding, support and prayers.


Please enter your comment!
Please enter your name here