· Pledges to overcome present challenges
The Good Shepherd Multipurpose Cooperative Society which was formed via a virtual platform at the peak of the Covid-19 pandemic in 2020, held its maiden General meeting on Wednesday, January 5, 2022, where the Chairman of the Board of Directors, Anthony Onumajuru gave members an update of activities so far.
The chairman, in his speech at the occasion recalled that the cooperative was launched at a time that some existing businesses were folding due to the Covid-19 induced harsh business environment occasioned by the attendant state, national and global lockdowns.
He further stated that, “as you know, this was a year of transition for the cooperative. In fact, it was towards September last year that we took drastic decision to commence the business by purchasing Tarpaulin,Pond and Juveniles after several back and front in repairing the concrete pond.
The step exposed other capital project required for the business, like purchase of Generator Set, Water Hose, Plumbing accessories, Fishing net, Scale and others.
These are essential for sustainable business for long-term and are one off purchase.
Sustainability is our first value and it gives me great pleasure to report to you that Good Shepherd Orlu has come to stay.”
Continuing, Onumajuru noted that since the formation of the cooperative society, cost management and optimum asset utilization have remained a priority. This he said motivated the decision to rent a pond from inception.
The chairman while expressing optimism in the business despite all odds said, “However we may experience serious financial pressure at this early stage with challenges of gaining trust from members who are yet to invest. We still remain firm in our belief that we shall overcome all these challenges. This is a major focus for the leadership team.
Despite low response from members to invest in the business and additional costs associated with; rent and renovation of the pond, and scarcity/high cost of feed, we believe to breakeven and possibly declare profit amidst trial in this first stage. You will agree with me that many businesses experience lots of challenges in the first year and hardly come out of it.
Prudent cash management is critical at this time as we continue to strategize and plan for the future which is why the Board may not declare a dividend in this early stage of the business.”
We assure you, this will be the largest investment in history of alumni associations so far if we are committed and give support to this board by investing at least N100,000.00. It will reposition Osina/Umuowa 93 set for sure as one of the best sets. With the initial idea to set up this cooperative to help ourselves which is of such importance to us as brothers, there will be many challenges, however I have every confidence that we have the right people in place to deliver and build a conglomerate in no distant time.
It is important to acknowledge that this project would not have been possible without the on-going support of our members who have acquired over 50% shares and others who made enormous moral and financial contributions.