The Deputy Inspector General of Police, Maj Gen Geoffrey Katsigazi has warned police officers against acquiring loans from the force’s Exodus sacco without proper planning, or else their money will go to waste.
“You find an officer gets a loan simply because his neighbor has got one. When you ask what he is going to do with it, he says he will think about it later. Then later, the officer buys the latest TV on the market but only to reach home to realise he doesn’t have power. Don’t acquire loans to get another wife but rather get loans to improve you. Acquiring a second wife is acquiring another problem. Avoid it,” Maj Gen Katsigazi said.
The Deputy IGP was on Thursday speaking during a special general meeting of the police’s Exodus sacco held at the police headquarters, Nagulu.
He explained that the main objective of forming the sacco was to ensure it augments management’s efforts to improve officers’ welfare through saving and borrowing by members.
Maj Gen Katsigazi implored officers to plan before acquiring loans from the sacco but also use the money borrowed well, or else the aim of creating the sacco won’t be achieved.
“Whenever you get a loan, it should help you improve. Make sure you get loans to invest in ventures that bring back profits. Don’t borrow to build a mansion you won’t finish. Borrow within your means and invest within your means but don’t compete with others in an unplanned manner. Ensure the loans build you and not to drain you.”
He warned officers against borrowing for luxury in form of buying alcohol or investing money in betting activities which he said would drain them of their hard earned money.
“Be frugal on your expenditure. Don’t spend because you have money in your pockets but rather do so because you have a plan. Plan as a family and not as an individual.”
The deputy police chief applauded the management of the sacco for steering it away from the problems it had in the past to success.
“This sacco was a laughing stock but now it has improved. Can you imagine you now worth shs50 billion!”
Started in 2007, the police Exodus sacco was a beehive of scandals and a mess with majority of the officers who save money with it complaining over mismanagement that had on several occasions seen them fail to withdraw their savings.
However, in 2019, a committee headed by the then deputy IGP,Maj Gen Muzeeyi Sabiiti made recommendations that would see the revival of the sacco.
In the same year, a new management team headed by Senior Commissioner of Police Dr. Wilson Omoding Otuna was elected.
They have since spearheaded the revival of the sacco.
Speaking on Thursday, SCP Omoding said they have been able to turn the fortunes to ensure the sacco starts making profit.
“By the time we took over, the sacco canteen was making only sh70million a year but currently we make shs1.27 billion. It is a viable venture to help members and it is these proceeds we give back to members in dividends and interest to their savings,”Omoding said.
During the Thursday meeting, the upgraded canteen to a restaurant was officially opened by the deputy IGP.
He also officiated the handover of 10 new motorcycles to Exodus sacco branches all over the country.
According to the sacco chairman, SCP Omoding, by elevating the canteen to a restaurant, they can now do outside catering services for even members of the public.
He noted that the sacco currently is worth over shs50 billion including savings and total assets.
He explained that the Thursday special general meeting for delegates was meant to make amends to the sacco bylaws to conform to the amendments made to the Cooperative Societies Act in 2020.
In the amendments that the Exodus meeting was to make included changing the title of the main administrative officer from manager to Chief Executive Officer of the sacco but to also to change the term of office for management from two to four years.