NAN Multipurpose Cooperative Society declares profit, elects new officers

The News Agency of Nigeria Staff Multipurpose Cooperative Society Limited has declared a profit of N16.09 million for the year ended July 25, 2023.

Outgone President of the society, Moses Uzoagba, said this at the 12th Annual General Meeting/Elections of the society.

At the AGM 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.

He said: “I wish, therefore, to report that the cooperative made a surplus of N16.09 million after expenses.

“This came about through the commitment of the management committee and members in general.”

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Uzoagba said that the management committee of the cooperative society proposed that 10 percent of the profit, amounting to N1.6 million, should be set aside as education fund.

According to him, one percent of the sum, amounting to N160,934, will also be set aside as audit fee for the Federal Capital Development Authority.

He said: “That 10 per cent of the profit, amounting to N1.609 million, be placed on general reserve.

“That the sum of N804,673 being five per cent be set aside as AGM expenses.”

Uzoagba said that the management committee also proposed that 69 per cent of the profit totaling N11.104 million should be declared as 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 Abiodun Oluleye, who scored 86 votes.

Also elected were Dorcas Jonah, who scored 63 votes, to defeat 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.