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March 4, 2024
You are currently viewing NAN Multipurpose Cooperative Society declares ₦16m profit, elects new officers
Mr Moses Uzoagba, Outgoing President, NAN Staff Multipurpose Cooperative Society Limited, addressing members

NAN Multipurpose Cooperative Society declares ₦16m profit, elects new officers

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By Kadiri Abdulrahman

The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society Limited, has declared a profit of ₦16.09 million for the year July 25, 2023.

The outgone President of the society, Mr Moses Uzoagba, said this at the 12th Annual General Meeting (AGM)/Elections of the society on Thursday in Abuja.

Uzoagba said the cooperative was steadfast in the year under review, in spite of the economic trends, adding that it was able to invest wisely.

“I wish, therefore, to report that the cooperative made a surplus of ₦16.09 million after expenses.

“This came about through the commitment of the management committee and members in general,’’ he said.

He said that the management committee of the cooperative society proposed that 10 per cent of the profit, amounting to ₦1.6 million should be set aside as education fund.

According to him, one per cent of the sum amounting to ₦160, 934 will also be set aside as audit fee for the Federal Capital Development Authority.

“That 10 per cent of the profit, amounting to ₦1.609 million be placed on general reserve.

“That the sum of ₦804, 673 being five per cent be set aside as AGM expenses,’’ he said.

Uzoagba said that the management committee also proposed that 69 per cent of the profit totaling ₦11.104 million should be declared a dividend and interest to be shared.

Meanwhile, the cooperative society also elected new officers during the AGM.

Stephen Igiewe emerged unopposed as the President, while John Ojamiren and Adewunmim Agboola emerged unopposed as Secretary-General and Treasurer respectively.

Joseph Ede was elected as the Vice President after scoring 87 votes to defeat Mrs Abiodun Oluleye, who scored 86 votes.

Also elected were Mrs Dorcas Jonah, who scored 63 votes defeated Mike Arokoyo with 58 votes and Jacinta Nwachukwu with 45 votes, to become the Assistant Secretary 2.

Also elected was Adebayo Abdulrasheed, who became Welfare Officer/Public Relations Officer after scoring 88 votes to defeat Fortune Abang who scored 83 votes. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

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