FRC
Financial Recovery Committee
The Financial Recovery Committee (FRC) is an IMC financial recovery and accountability structure responsible for supporting the recovery of cooperative funds and obligations that remain outstanding in accordance with the IMC Constitution, approved procedures and applicable law. The FRC exists to help protect cooperative funds and support responsible financial participation.
LEADERSHIP
Office holder
FRC CHAIRMAN
Mr Bello Ganiyu OLADELE
Biography and contact: Information to be updated by IMC Administration.
RESPONSIBILITIES
Functions
Loan Recovery
Where a member receives an approved cooperative loan and fails to repay according to the applicable repayment arrangement, the matter may be referred through the appropriate recovery process.
Basiri / Soft Loan Recovery
Where a member receives Basiri/Soft Loan support and fails to repay it according to the applicable rules, the recovery matter may be referred to the appropriate FRC process.
Outstanding Cooperative Obligations
The FRC may assist with recovery of legitimate outstanding cooperative financial obligations.
Financial Follow-Up
The committee may follow up with members whose cooperative obligations remain outstanding.
Recovery Coordination
The FRC may coordinate with appropriate IMC officers, branch structures and authorized officials concerning recovery matters.
Documentation
Recovery cases should be properly documented and recorded.
Accountability
The FRC supports accountability for cooperative funds and responsible repayment.
Escalation
Where the Constitution and applicable law permit further action, an unresolved recovery matter may be escalated through the appropriate authorized process.
LIMITS & SAFEGUARDS
Operating boundaries
- All recovery activities must operate according to the IMC Constitution, approved procedures and applicable law.
- The FRC is not a police force and holds no independent powers of arrest or seizure of private property.
FUTURE SYSTEM
Planned administrative dashboard
Coming Soon — This feature will be activated by IMC Administration.