Staff Multi-Purpose Cooperative Society Limited, an independent body in the News Agency of Nigeria , on Saturday declared a surplus of N11,496,598.74 in the 2019 financial year.
The President of the cooperative, Mr Moses Uzoagba, made the declaration in his address at the cooperative’s virtual Annual General Meeting (AGM) held in Abuja.
He said the financial year 2019 was better when compared with the surplus of N8,269, 478.98 realised in 2018.
Uzoagba attributed the cooperative’s success during the period to the commitment displayed by the Executive Committee in venturing into viable investment.
“We wish also to state that members’ individual and collective contributions assisted us to move forward and we also appreciate the management of NAN for its assistance and support.
“We also appreciate the FCT Chief Registrar of Cooperatives Society for the supervisory role and guidance to our cooperative,” he said.
Uzoagba who said that there were 401 registered members of the cooperative as at Dec. 31 2019 then proposed that 69 percent of the surplus, amounting to N7,932,653.12, be declared as dividends and interest for members.
He added that the remaining 31 percent would be expended on other exigencies in line with the cooperative’s bye-laws.
With this surplus, 0.32 kobo was then declared for each dividend held, and 0.02 kobo per saving.
Stakeholders at the AGM, both physically and online, expressed delight at the progress made by the cooperative under its current leadership.
Earlier at the occasion, Mr Ayuba Shekwonya, the Area Cooperative Officer (AGO), representing the FCT Chief Registrar of Cooperatives Society, had commended the leadership of NAN Cooperative for showing good stewardship.
He, however, advised members to increase their shares and savings in other to keep the cooperative afloat.
“The increase in the profit made from the previous year is a positive indication that things are being done properly and we are happy with that,” he said.
Edited By: Dorcas Jonah and Olawale Alabi) (NAN)