Lagos, Fraud Unit Join Forces to Protect Co-op Funds

Lagos State Government and the Police Special Fraud Unit (PSFU) have joined forces to protect cooperative society funds from mismanagement.

The partnership aims to prevent executives from abusing their positions and ensure accountability.

Commissioner Folashade Ambrose-Medebem emphasized the importance of transparency and compliance during a visit to the PSFU office.

She stressed that cooperative managers must handle funds with integrity and follow due process.

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The government is shifting its focus from reactive to proactive approaches to minimize infractions and review Cooperative Laws to make them more effective.

Initiatives like the Ibile Cooperative Award will motivate leaders of thriving societies and encourage others to follow suit.

Commissioner of Police Ayotunde Omodeinde commended the collaboration and advised notifying the Inspector General of Police about PSFU’s mandate to investigate and prosecute those who embezzle cooperative funds.

This will bring sanity and better regulation to the cooperative movement.

Both parties agreed to conduct extensive awareness campaigns and stakeholder engagements to ensure that cooperative funds are managed responsibly.

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