Kano based Ta’amun multi-purpose co-operative society wants FG to tackle inflation

Ta’amun Multi –Purpose Co-operative Society Limited, a Kano based private business self help initiative has charged the Federal Government to scale up policy interventions that will bring down the rising inflation being experienced in the country.

The group is of the view that the inflationary trend which is already approaching what it described as ‘hyper inflation’ is throwing most of the citizens into abject poverty, thereby compounding insecurity.

Speaking during the Annual General Meeting of the co-operative in the commercial city of Kano, Abdulkadir K. Bayero, who is the president of group, described inflation as the biggest economic confronting the nation which required urgent attention of the government.

“The out-gone business year was particularly the most difficult in all respects since the establishment of this co-operative group. The Federal Government was expected to rise to great expectation in the management of the nation `s economy.

“Unfortunately, whatever good was achieved was almost completely wiped out by the hyper inflation the nation has been thrown into since this administration came into power. The present rate of inflation is the worse so far in the history of the country.

“Until now the value of Naira went so down to about N600 to one American Dollar, as such more than half of the population now lives in abject poverty, and daily facing near absolute insecurity to life and property” Bayero noted.

Also providing an insight into the specific performance of the co-operative group in the out gone year, Kabiru S. Hanga, secretary of the Co-operative group disclosed that despite the difficult prevailing economic environment, the group was able to make some positive financial gains.

“One of our resolution at the last year’s AGM was for us to venture into sugar business, in addition to our know business in feed commodity. I will like to report that we have ventured into the business and conducted six transactions of one truck at a time starting from May 2016 ending in November, 2016.

“With members `share capital (savings included) standing at about #10 million, it would have been impossible for us to do sugar transactions. As a way forward we have to introduce Joint Venture Capital and invited selected members and acquaintance into it. Ten such persons contributed over N12million and this is what we used to date for what we termed Joint Venture Business. Through the JVC/JVB, we earned N2, 307,989 from sugar, and N1,582,230.      

“The business of the JVC/JVB has encouraged us greatly and we are beginning to think of something new that we can do together for profit considering a famous Hadith of the Prophet in which he mentioned four possible areas which Muslims are to take interest when they want to invest” Hanga pointed out.

According to him, in line with the investment objectives of the group, they co-operative has concluded plans to partner with interested stakeholders, such as Jaiz Bank to invest in transport business that will provide transportation for school pupils.

Meanwhile, the AGM of the group was attended by representative of the Kano State Ministry of Commerce, Industry, Co-operatives, and Tourism, as well as, the Branch Manager of the Bello Road Branch of Jaiz Bank, in Kano.