Bayelsa Bureau For Co-operative Development Approved Request For Online Forex Trading – Baraza CEO … Faults Media Reports On Baraza Co-operative
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YENAGOA: The Chief Executive Officer of Baraza Multipurpose Cooperative Society, Arc. Dr. Miebi Bribena has stated that Baraza online FOREX Trading was duly approved by the Bayelsa Bureau for Cooperative Development after simple majority of members agreed that their fund be traded with at the FOREX market.
It will be recalled that the State Commissioner for Trade, Industry and Investment, Mr. Federal Otokito had at a press conference stated that Bayelsa Cooperatives Law 2014 does not include foreign exchange as one of the areas that Cooperatives can engage in but what they do is to apply and get registration to operate cooperatives and after getting approval they review their bye-laws to include FOREX Trading.
However, Arc, Bribena stated that the 2014 Act does not give regulations on what to trade on, as it only legalized the establishment and operations of the Bureau..
The BARAZA had in a letter to the Bayelsa Bureau for Cooperative Development dated July 29, 2020 requested an amendment of its bye-laws which had been earlier approved in October 18, 2019 to include Forex Trading by the members.
The letter reads, “Sequel to the ordinary meeting held by the members of the above-mentioned Cooperative on the 7th March, 2020, members agreed through simple majority vote that members’ funds be traded with at the Forex Market and such be added to the Bye-Laws as it were.
Subject to your approval in line with section 20(111) and 85, the Bye-Laws ‘Object 111’ item 7 now reads ‘to trade in Forex with members’ funds to yield profits/interest for members of Baraza Multi-Purpose Cooperative Society Limited in addition to the outlined objectives”.
Bribena said Baraza is being guided by the Nigeria Cooperative Act of 2004 which is on the concurrent list and not operating outside the confines of the law.
He said Baraza, as stated in the above letter applied to the Bureau for the amendment of its Bye-law to enable it trade on online FOREX market as agreed by simple majority during their meeting.
According to him, “SEC does not regulate Cooperative Societies, so we will seek clarification on this directive. The Nigerian Cooperative Act 2004 defines how Cooperatives should operate. We do not mobilize public funds but use only member’s funds”.
Bribena said that it was sad to note that operations of other Cooperative Societies in the state were zeroing in on Baraza because of its current challenges.
He added that even though Baraza blaizes the trail of Cooperative Societies in the State trading on online FOREX Market, it is wrong for analysts and even the media to be placing their misdeeds on the shoulder of Baraza.
“I have said it at different fora that by July 19, 2021, Baraza will bounce back better and stronger, as necessary machinery are being put in place including actualization of our ongoing road-map to Recovery Plan. The payment of members who applied for termination in the N100,000 category is ongoing and when we finish paying them, we will move to other categories”.
Speaking in the same vein, a financial and capital market analyst, Mr Captain Ebi Perefagha faulted the argument of the commissioner for trade, industry and investment Mr. Federal Otokito on the Bayelsa 2014 Cooperative Act. He said the Act did not state the operations of Cooperative Societies.
The bill which was forwarded to the State House of Assembly by the immediate past governor, Senator Henry Seriake Dickson and passed into law’ sought the establishment of the Bureau, the organogram and the functions of staff.
The law, according to him, did not specify the operations of Cooperative Societies since it is under concurrent list of the Federal government.
In another development, the CEO has allayed the fears of members over the rumour making the rounds that management is using the ongoing forensic audit of staff and entire operation of Baraza as a ploy to extend the pause payment period.
He said there was no iota of truth in this rumour, as management is poised to set the ball rolling on the 19 of July 2021.
We are glad to announce that the forensic audit has started yielding result because staff and members of the public who are illegally in possession of Baraza funds are already being detected and started making refunds.
