By Emmanuel Udom
The Nigeria Police Cooperative Multi-Purpose Society Limited has disclosed that over N2 billion in debt was recovered from defaulting serving officers by the cooperative.
This is in addition to the N120 million interest generated from the recovery. Oyediran Oyeyemi, an Assistant Inspector-General of Police and Executive Secretary of Polcoop, made this revelation during the 27th Annual General Meeting of the Cooperative held on Thursday, August 28, 2025, at the POWA Multi-Purpose Hall in Oduduwa, Ikeja, GRA, Lagos.
However, Newsrangers notes that between February and the date, as contained in the financial report of Polcoop, over N40 million cash loan was disbursed to qualified cooperators, while N2.5 million was also issued to Suzuki mini bus loan cooperators. AIG Oyeyemi wrote on the corporate profile of the society that with a share capital of 62.79 percent, the society is the highest shareholder in NPF Microfinance Bank, has a sizable interest in NPF_Pension, NPF Mortgage Bank and the Nigeria Police Properties Development and Construction Company.
It is gathered that Polcoop, based on the publication of Force Order No. 130 of 1977, came into being with the core seven principles 40 years ago.
These principles are: voluntary and open membership, democratic member control, members’ economic participation, autonomy and independence, education, training and information, cooperation among cooperatives and concern for community. There are 350,000 members with a 15-member board for the society.
