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By Ginika Okoye
The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society has declared N27.6 million as profit for the 2024 financial year (FY) ended.
Speaking at the agency’s 13th Annual General Meeting (AGM) in Abuja on Tuesday, Mr Stephen Igiewe, the outgone President of the Cooperative, said the figure was higher than the N20.3 million, recorded in the 2023 financial year.
Igiewe said the figure was 36 per cent higher than the surplus recorded in 2023 financial year.
He said the surplus was realised due to vigorous trading by the executive committee, in spite of the present economic challenges occasioned by inflation.
Igiewe proposed that N19 million, representing 69 per cent of the profit, be declared as dividend, and interest available to be shared.
The president said this figure was higher than the N14 million shared as dividend and interest in the 2023 financial year.
He proposed that N7.6 million, representing 40 per cent of the profit, be set aside for Shares, translating to N0.18k per share, while N11.5 million, representing 60 per cent of the profit, be set aside for interest on Savings, translating to N0.03k per saving.
The president said the value of the Share Capital of the Cooperative stood at N40 million, while members’ savings, stood at N354 million, as at Dec. 31, 2024.
“The Executive Committee has continued to invest in money markets, Federal Government Treasury Bills and Fixed Deposits; instead of keeping excess cash idle in the current account, even though their interest rates were low.
“We look forward to investing more funds into the money markets.
“The Cooperative shop is also waxing stronger, through your patronage.
“For the first time the declared profit from the shop and the Point of Sale (POS) business is showing in the financial statement separately,” he said.
Igiewe said the Cooperative, just like every other entity, was affected by inflation, insecurity, inconsistent/fluctuating bank rates, among others.
Some of the members urged the executive to maximise their savings to trade, to make more money for the cooperative.
Mrs Perpetua Onuegbu, a member of the Cooperative society, said the cooperative should utilise the education fund in the training of members.
Mr Emmanuel Afonne, another member of the Cooperative society, appealed to the executive to do more investment with the cooperative funds.
Mrs Ese Eniola Williams, also member of the Cooperative society, urged the executives of the society to intensify efforts towards developing the land, acquired by the Cooperative.
Williams, another member, also called on the executives to be weary of their investment plans, to avoid fake dealings.
Meanwhile, Mr Olusegun Salako, a deputy director, representing the Director, Federal Capital Territory Administration, Agriculture and Rural Development Secretariat, said Cooperative was an alternative to welfare in the country.
According to him, your savings are meant for your future”.
He encouraged members of the cooperative to increase their savings, for better living after service.
“We observed that most of the staff still withdraw from their savings.
“Your savings is meant for your future. Cooperative is the only way you can help yourself when you exit service.
“We encourage staff to increase their savings, to have something meaningful to fall back on after retirement,” he said.
NAN reports that the high point of the occasion was the conferment of award on a former President of the cooperative, Mr Livinus Ugochukwu, for his outstanding support towards the growth of the cooperative society. (NAN)(www.nannews.ng)
Edited by Idowu Ariwodola/Edited by Ese E. Ekama-Williams
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