JPM’s order yields results as coop union gets assets
NYANZA Cooperative Union (NCU) has repossessed assets worth 9.5 bn/- that had been sold at throwaway prices to some Mwanza-based businesspeople, thanks to interventions by President John Magufuli.
Speaking in an exclusive interview with the ‘Daily News’ on Monday, NCU General Manager, Mr Juma Mokili said the assets were undervalued before sale, occasioning huge losses to NCU.
According to Mr Mokili, the decision to repossess the assets was reached after their value was assessed afresh by the State valuer. He said the restoration of the NCU assets was an outcome of the execution of the order the President issued on September 8, 2015 during the presidential election campaign in Mwanza city. “The President was irked by the decision to sell the NCU assets, prompting him to order for their return to the members. We are very delighted to announce to the members that the assets have already been restored,” he said.
He mentioned the assets as Kauma building that was sold at 72m/- , New Era factory which was sold at 364m/-, Igogo sisal factory’s warehouse that was sold at 60m/- and three Isamilo NCU workers’ houses on plots No.89 Block D. He mentioned others as Plots number 80 and 110 on Block D and Ashack Factory located at Vic fish factory area.
According to Mr Mokili, all other assets were restored except Kauma building which is located opposite Kenyatta Road, due to an ongoing legal wrangle surrounding its ownership.
However, he said despite the restoration of the assets, some people who had purchased the properties had invested in them, prompting NCU to give them special priority to ensure their money was not lost. “Because some of them had invested in factories that contribute to national development, and created job opportunities for some citizens, their immediate removal from the buildings would be counter-productive to the country’s economy,” he explained.
He said NCU would rent houses to people after drawing legal contracts so that every one could have a safe and better environment of conducting business. In terms of challenges, he said some of the restored properties had to undergo major repairs, to make adequately attractive for potential tenants.
He mentioned them as the New Era factory building that requires about 520,000 USD for the installation of its machines and the removal of damaged equipments.
“Rehabilitation is essential, too, for the three NCU workers houses at Isamilo, to cost 150m/-,” he said, adding that about 200m/- would be needed in respect of the Igogo warehouse, focused on the installation of machinery
Speaking in an exclusive interview with the ‘Daily News’ on Monday, NCU General Manager, Mr Juma Mokili said the assets were undervalued before sale, occasioning huge losses to NCU.
According to Mr Mokili, the decision to repossess the assets was reached after their value was assessed afresh by the State valuer. He said the restoration of the NCU assets was an outcome of the execution of the order the President issued on September 8, 2015 during the presidential election campaign in Mwanza city. “The President was irked by the decision to sell the NCU assets, prompting him to order for their return to the members. We are very delighted to announce to the members that the assets have already been restored,” he said.
He mentioned the assets as Kauma building that was sold at 72m/- , New Era factory which was sold at 364m/-, Igogo sisal factory’s warehouse that was sold at 60m/- and three Isamilo NCU workers’ houses on plots No.89 Block D. He mentioned others as Plots number 80 and 110 on Block D and Ashack Factory located at Vic fish factory area.
According to Mr Mokili, all other assets were restored except Kauma building which is located opposite Kenyatta Road, due to an ongoing legal wrangle surrounding its ownership.
However, he said despite the restoration of the assets, some people who had purchased the properties had invested in them, prompting NCU to give them special priority to ensure their money was not lost. “Because some of them had invested in factories that contribute to national development, and created job opportunities for some citizens, their immediate removal from the buildings would be counter-productive to the country’s economy,” he explained.
He said NCU would rent houses to people after drawing legal contracts so that every one could have a safe and better environment of conducting business. In terms of challenges, he said some of the restored properties had to undergo major repairs, to make adequately attractive for potential tenants.
He mentioned them as the New Era factory building that requires about 520,000 USD for the installation of its machines and the removal of damaged equipments.
“Rehabilitation is essential, too, for the three NCU workers houses at Isamilo, to cost 150m/-,” he said, adding that about 200m/- would be needed in respect of the Igogo warehouse, focused on the installation of machinery
Comments
Post a Comment