The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society Limited has declared N12.745 million as profit after expenses for the 2021 financial year.
The president of the society, Mr Moses Uzoagba, announced this at the cooperative’s 11th Annual General Meeting (AGM) in Abuja on Saturday.
Lottery Fund’s interventions excites FG
Women cooked while men fetched water, freed train captive narrates ordeal
Uzoagba said the amount was higher than the N10.305 million profit after expenses recorded in 2020.
The president said the profit was realised due to prudent management and massive investments through loans and trading of items ranging from foodstuffs to household electronics.
He proposed that 69 per cent representing N8.794 million should be declared as dividend and interest.
Uzoagba also proposed that 10 per cent of the profit be set aside as an education fund while 10 per cent be placed on general reserve.
He said the value of the share capital in the year under review stood at N22.596 million as at December 2021, as against N18.62 million in 2020.
