Flowerbudnews (Abuja) The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society Limited
has declared N20,334 million as profit after expenses for the 2023 financial year.
The President of the society, Mr Stephen Igiewe, announced the amount at the agency’s 12th Annual General Meeting (AGM) in Abuja on Thursday.
He said the amount was higher than the N16.09 million profit after expenses declared in 2022.
Igiewe said the profit was realised due to the1 committee’s engagement in vigorous trading during the period in spite the economic challenges.
He said the economic challenges affected the declared profit.
The president proposed that 69 per cent of the profit representing N14,030 million be declared as dividend and interest.
Igiewe said the value of share capital of the cooperative stood at N39,586 million while members’ saving stood at N300,009 million as at Dec. 2023.
He proposed that N8,418 million representing 60 per cent of the profit be set aside for interest on savings.
Igiewe said that N5,612 million representing 40 per cent of the profit would go to shares which translated to 14k per share.
The president proposed that N2,033 million representing 10 per cent of the profit be set aside as education fund.
He proposed that N2,033 million representing 10 per cent of the profit be placed in general reserve.
”The executive committee embarked on vigorous trading during the period in spite the economic challenges.
”The Cooperative shall continue with purchases and sale of food items, electronics and other forms of trade beneficial to members and non-members.
”The executive committee continued to invest in money markets, Federal Government treasury bills and fixed deposits, instead of keeping excess cash idle in the current account,” he said.
The Managing Director of NAN, Malam Ali Muhammad Ali, said that the cooperative society was necessary for the individual and collective safety of members of staff.
Ali said that investing in cooperatives would help the staff to have a life after retirement from service.
He advised all members of staff to subscribe to the cooperative to ensure a robust life after retirement.
”I am delighted to be here as a bonafide member of the cooperative.
”It is only when we come together that we will achieve together.
”As Africans, it is only when we have a common purpose that we can achieve a common result.
”What you see tomorrow is function of your action of today,” he said.
Mr Salako Olusegun, the Deputy Director, Cooperative, Federal Capital Territory Administration (FCTA), said that cooperatives had been relegated to the background.
He said the development had left many members unaware of some cooperative issues.
Olusegun advised NAN members of staff who were yet to join the cooperative to do so; saying that it was the best alternative to funds after retirement.
He said that cooperatives were economy propellers in various countries including United Kingdom, Germany, Kenya and Botswana, among others.
Olusegun expressed optimism that cooperatives in the country would get to that international level.
Some members who spoke at the meeting appealed to the executives to work toward establishing other businesses to generate more money.
Mrs Ese Eniola Williams, a member of the cooperative, commended the executive committee for the profit in spite of the current economic challenges.
Willians suggested that the cooperative should engage in the sale of diverse food items, Point of Sale (PoS) to enable members benefit from them.
Ms Chidi Opara, also a member of the cooperative, said that venturing into businesses like transportation would open up more opportunities for the society.
Mr Waziri Abubakar, suggested that the sharing formula between shares and savings be reviewed.
NAN
