Rivers Cooperative Sells Aggrey Road Property


The Rivers Cooperative Federation (RCF) has finally sold its property at 131 Aggrey Road in Port Harcourt.

The Tide has reliably gathered that the present leadership of the RCF headed by Mr Victor Alasia resolved to sell the Aggrey Road property in order to raise capital for the implementation of its stated goals and objectives.

Source from the cooperative has disclosed that the property was sold at the cost of N25 million and that part of the money had already been used for procurement of vehicles for the federation and for settlement of other outstanding debts.

In a document made available to The Tide, dated 1st September 2009, which was signed by the acting secretary Mr. Valentine Echeonwu, the RCF Management made proposal for the sale of the Aggrey Road Property to enable it raise the initial capital for the proposed co-operative Micro Finance Bank.

This sale now makes it the second sale of the cooperative’s properties within four years, outside other undeveloped properties.

Between 2005/2006, the property at Trans Amadi was controversially sold to Halliburton Limited, which eventually led to various litigations and the removal of the Amabipi Martins-led management and the ushering in of the present leadership of RCF.

Events appear to be re-ccurring at the RCF with respect to the sale of properties which the founding members had laboured to put together.

However, efforts made to speak with the president, Victor Alasia was not successful as he was said to be engaged in other official assignment.


Corlins Walter