Abuja: The Tangele East Progressive Union (TEPU) of Gombe State has launched the TEPU Abuja Cooperative Society Limited to promote collective prosperity, empowerment, and community development. Speaking at the event in Abuja, Mr. Edward Lametek, a former Deputy Governor of the Central Bank of Nigeria (CBN), highlighted the role of cooperative societies in stimulating local markets and fostering social cohesion.
According to News Agency of Nigeria, Lametek, who addressed attendees on the theme ‘Empowering Members and Enhancing Our Community,’ emphasized that the cooperative would tackle the everyday challenges faced by individuals lacking access to affordable credit. He described the initiative as an organized response to contemporary issues, grounded in trust, shared responsibility, and collective action, marking the beginning of a journey towards shared progress and resilience.
Citing 2019 statistics from the National Bureau of Statistics (NBS), Lametek pointed out that Nigeria had over 240,000 cooperatives, with a majority located in the South-West and a mere three percent in the North-East. He stated that the TEPU Abuja Cooperative was a crucial step toward bridging this regional gap, promoting financial inclusion, collective bargaining power, skills development, and knowledge sharing. The cooperative aims to stimulate local economic growth, reduce poverty, support community projects, and curb rural-urban migration by creating opportunities at home.
Dr. Jarida Doji, Chairman of TEPU Abuja Branch, noted that the cooperative reinforces a vital aspect of national cohesion. He asserted that a community that is financially empowered, socially responsible, and united in vision serves as an anchor of stability for the nation. The cooperative aims to advance peace, security, and sustainable progress through financial inclusion, youth empowerment, and collective ownership.
Expressing optimism about the cooperative’s future, Doji revealed that it started with a seed fund of N20 million in 2024, with plans to expand its capital base to N150 million and eventually attain the status of a microfinance bank. Sen. Anthony Yaro (Gombe South), the Chief Unveiler, stated that the cooperative is designed to empower rural citizens and create wealth at the grassroots, impacting the poor and middle class positively.
Dr. Jerry Danmara, Chairman of the event and Managing Director of Mesotho Group Limited, remarked that the cooperative would assist rural dwellers in achieving food security, accessing healthcare, and funding their children’s education. He encouraged members to save with the cooperative to access credit in times of need and urged the society to explore other business ventures to ensure sustainability.
