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NAN staff cooperative records N10m profit

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…

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, Moses Uzoagba, on Tuesday, while presenting his report at the cooperative’s Annual General Meeting (AGM) in Abuja.

He said as of December 31, 2020, the share capital of the cooperative stood at N18.62m, while members’ savings stood at N184.53m.

He explained that, “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.”

On future plans, he said the cooperative had gone into other businesses to increase profit for the benefit of members.

The General Secretary, Mr Dele Joseph, earlier said the cooperative recorded a profit of N11.49m in 2019.

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