Abuja: The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society has announced a profit of N27.6 million for the financial year ending in 2024. This figure represents a significant increase from the N20.3 million recorded in the previous year.
According to News Agency of Nigeria, Mr Stephen Igiewe, the outgoing President of the Cooperative, shared this information during the 13th Annual General Meeting held in Abuja. Igiewe highlighted that the profit was 36% higher than the surplus recorded in the 2023 financial year, attributing the success to vigorous trading by the executive committee despite the challenging economic environment marked by inflation.
Igiewe proposed that N19 million, or 69% of the profit, be distributed as dividends and interest. This was a notable increase from the N14 million shared in the previous financial year. Additionally, he suggested allocating N7.6 million, which is 40% of the profit, for shares at N0.18k per share, and N11.5 million, representing 60% of the profit, for interest on savings at N0.03k per saving. The Cooperative’s Share Capital was valued at N40 million, while members’ savings totaled N354 million as of December 31, 2024.
The executive committee has been proactively investing in money markets, Federal Government Treasury Bills, and Fixed Deposits rather than keeping excess cash idle, even amidst low interest rates. The Cooperative’s shop and Point of Sale (POS) business have also shown separate profits in the financial statement for the first time.
Despite facing challenges such as inflation, insecurity, and fluctuating bank rates, the Cooperative remains resilient. Members have urged the executive committee to maximize savings for trading and to invest more funds. There was also a call to utilize the education fund for member training and to develop land acquired by the Cooperative while being cautious of investment plans.
Mr Olusegun Salako, a deputy director representing the Director of the Federal Capital Territory Administration, Agriculture and Rural Development Secretariat, emphasized the importance of cooperative savings as an alternative to welfare. He encouraged members to increase their savings for a secure future post-service.
The event concluded with an award presented to Mr Livinus Ugochukwu, a former President of the cooperative, in recognition of his outstanding support for the society’s growth.