The News Agency of Nigeria (NAN)’s Staff Multipurpose Cooperative Society Limited made a profit of N10,305,643 in the year 2020.
This was disclosed by the president of the cooperative society, Moses Uzoagba, on Tuesday while presenting his report at the cooperative’s Annual General Meeting (AGM) in Abuja.
While clarifying that the said amount was the profit after all expenses, Uzoagba said the profit declared was made possible because of the commitment of the executive, the wise investments made and the support of members.
He said as of Dec. 31, 2020, the share capital of the cooperative stood at N18.62 million, while members’ savings stood at N184.53 million.
According to him, in spite of the COVID-19 lockdown, the executive committee embarked on vigorous trading during the period under review, which contributed to the profit.
“The executive committee continued to invest in money markets such as Federal Government Treasury Bills and Fixed Deposits instead of keeping excess cash idle in the current account, even though their interest rates were low.
“The cooperative shop is also waxing stronger through your patronage and it is our desire that it will break even in no distant time as provision shops’ progressions are slow but steady.
“The executive committee, in a bid not to keep idle funds as highlighted above, invested in the purchase of two vehicles under the Brekete Family Taxi Hire Purchase Scheme,” said Uzoagba.
On future plans, he said the cooperative had gone into other businesses to increase profit for the benefit of members.
“Aside from that there are other businesses we will go into, as they come we go into them but we calculate before we go into them so we do not run into a loss,” he added.
The General Secretary, Mr Dele Joseph, earlier said the cooperative recorded a profit of N11.49 million in 2019.
The executive committee members were returned unopposed for another tenure of two years.