By Ginika Okoye
The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society Limited has declared N34.07 million as profit after expenses for the 2025 financial year (FY).
Speaking at the 14th Annual General Meeting (AGM) of the cooperative in Abuja on Tuesday, the President, Mr Aliyu Abubakar, said the figure was higher than the N27.6 million recorded in the 2024 financial year.
Abubakar said the surplus was realised due to vigorous trading by the executive committee in spite of economic challenges occasioned by inflation.
He proposed that the sum of N3.4 million being 10 per cent of the profit, be set aside as Education Fund and another N3.4 million be placed in the general reserve.
He also proposed that N23.5 million being 69 per cent of the profit, be declared dividend and interest available to be shared.
According to him, N9.4 million being 40 per cent of the profit should also be set aside for shares which translate to N0.19k per share, and N14.1 million being 60 per cent of the profit be set aside for interest on savings which translate to N0.03k per saving.
He said that as at Dec. 31, 2025, the value of the share capital of the cooperative stood at N50,78 million and members’ savings stood at N438,69 million.
“The cooperative shall continue with purchases and sale of food items, electronics and other forms of trade beneficial to members and non-members,” he said.
Aliyu said the cooperative looked forward to investing more funds into the money market.
Earlier, Mr Olusegun Salako, a deputy director, who represented the Director, Federal Capital Territory Administration, Agriculture and Rural Development Secretariat, urged members to take cooperative as their life wire especially after retirement.
Salako urged the Managing Director of NAN to support the cooperative in every way possible.
He also urged members of the cooperative to increase their contributions and savings to ensure better living after retirement, while also advocating the payment of pre-dividend to members to encourage them.
”Do not joke with your cooperative society. You are the investor and the users,” he said.
The Managing Director of the agency, Malam Ali M. Ali, commended the management of the cooperative for their accountability and prudent management of members’ contributions.
He said the cooperative had bailed the management of the agency from various financial challenges.
Ali also said the stewardship of the executives of the cooperative had enabled members to access loans for housing, education and health, adding that he had been a beneficiary.
According to him, a cooperative thrives only when members participate actively.
Ali called on the cooperative executives to ensure greater transparency to build more confidence and inclusiveness to ensure that junior, senior and veterans of the agency benefited from the society.
”We remain committed to supporting the society and making it grow in line with our push for good welfare of staff.
”Financial wellness goes hand in hand with physical wellness. We must encourage savings and responsible borrowing,” he said.
A member of the cooperative, Mrs Jacinta Nwachukwu, suggested that the AGM time be brought forward.
She said that members of the cooperative society had yet to benefit from the education fund.
Ms Deborah Coker, also a member of the cooperative society, said that dividend was 19k per share and 3k per savings in the preceding year, adding that the figures remained the same in spite of the surplus recorded in the 2025 financial year.
Madam Chidi Opara, another member of the cooperative, suggested that the agency’s canteen be revived and managed by the cooperative, adding that it would help to raise revenue for the cooperative.(NAN)(www.nannews.ng)
Edited by Deborah Coker