The management committee of the flourishing Nzuko Aro Abuja Cooperative Society Ltd has taken drastic steps aimed at ensuring that beneficiaries of its loan scheme do not make it impossible for its good works to continue. In an unprecedented move, the management team threatened habitual debtors to pay up or face major disciplinary measures.
For a start, Aro News learnt that guarantors of the debtors mostly elders in the union have been formally contacted and given deadlines within which to assist retrieve the funds or the society will recourse to other measures to get back its funds. Our correspondent was informed that the debtors include Onyekachi, Onoh, Ugbogu and Enyinnia and the highest debtor owes N348, 480.00 while the least is N50, 000.00. Also, there is a debt of N70, 000.00 which the society is considering writing-off as a bad debt. The society has therefore enlisted the assistance of Nzuko Aro, Abuja branch in recovering the funds and the exco is said to be considering using both persuasion and outright embarrassment to make sure sureties meet their obligations.
It would be recalled that the Nzuko Aro, Abuja branch initiated the cooperative society as a micro credit agency to support the financial needs of its members. The society has successfully assisted members who have developed and grown various small scale businesses and most beneficiaries have been meeting up with their repayment schedules before delinquency set in. Concerned members of the branch were visibly angry at the situation whereby a few bad eggs are trying to rubbish an institution through which many members have been assisted. Aro News was reliably informed that the union may be taking more serious actions as the exco is determined not to allow the bad situation to fester.
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