Compliments of the Season to you all.
We thank you all for your patience in these trying times. We made a commitment to take responsibility to profer solution to our present challenges and we have been working tirelessly to get lasting solution despite the fact that we have encountered a lot of hurdles for reasons that have been enumerated in previous communications.
We don’t want to bore anyone with excuses but to state that we will not give up until every member finally receive balance capital or equivalent that represents their capital contributed in the cooperative after profiling.
To this end, I am glad to announce to you that we have entered into a Partnership Agreement with an Estate Developer in Yenagoa, Bayelsa State for a Land for Cash exchange solution for some contributors in Bayelsa State.
This will enable us to clear out about Four Billion (N4,000,000,000.00) Naira from our outstanding liabilities. Our responsibility in this Partnership Agreement is make some funds available for the land preparation and allocation process and settlement with the developer will be spread for 24 MONTHS to enable us recover properly to settle outstanding members without stress from multiple members.
This Land Exchange arrangement is VOLUNTARY and will only cover members who still have up to Two Million (N2,000,000.00) and above after profiling. However, two or more contributors with lesser amount can agree to merge their contributions and go for the land exchange plan.
Others in Bayelsa and members in other states that will not be eligible for this plan will please be patient for we will keep working to ensure that everyone is cleared.
NB: The Accounts Freezing, Petitions and Office Sealing by EFCC, Vandalization of Assets, Threats and Insults are not the way forward. Restricting me from conducting my personal business will make things worse.
Please let us continue to excercise patience and calm.
The details of the land exchange program shall be communicated for swift implementation as those eligible shall be published.
Arc. Dr. Oyinmiebi Bribena.
Chief Executive Officer