Business
BARAZA refunds N35.7m to 357 contributors with N.001m minimum capital in less than two weeks
The Chief Executive Officer of BARAZA Multipurpose Cooperative Society Limited, Arc. Dr. Miebi Bribena has disclosed payment of N35.7M to 357 contributors with a minimum capital of N100, 000 out of 919 members who applied for termination of contributions.
Arc. Dr. Bribena who disclosed this during a weekly update report on facebooklive@baraza multipurpose cooperative on Friday said the management was able to achieve this feat 72 days to the expiration of a-90 day pause payment period.
He said a sum of twenty-four million, eight hundred thousand naira have been paid to two hundred and forty-eight members with a minimum of one hundred thousand naira this week while ten million, nine hundred thousand naira was paid to one hundred and nine contributors across eleven branches nationwide.
Arc. Dr. Bribena said the progress report was in line with the Management obligation to payment of members who applied for termination of their contributions as part of Recovery Plans.According to him, “Despite the 30 days window for termination given to the contributors in the N100,000 category, we have been able to beat the progress and other categories we follow after we might have exhausted this list.
“We do not want to stress the system. We are gradually making refunds as we trade during this 90 days pause payment period.
“We advise that members who have backlogs of payment and those who have applied for termination to be patient”
He, therefore, thanked members for their patience and understanding, assuring that the Management would not relent in the discharge of its responsibility to members natio
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