NAN Multipurpose Cooperative Society claims profit of $16 million and elects new officers

The Staff Multipurpose Cooperative Society Limited of the News Agency of Nigeria (NAN) has recorded a profit of N16.09 million for the fiscal year ending July 25, 2023.

Mr Moses Uzoagba, the society’s outgoing President, stated this at the society’s 12th Annual General Meeting (AGM)/Elections on Thursday in Abuja.

Uzoagba stated that the cooperative remained steadfast in the fiscal year under review, despite economic trends, and that it was able to invest prudently.

“As a result, I am pleased to report that the cooperative made a profit of 16.09 million after expenses.”

“This was made possible by the dedication of the management committee and members in general,” he explained.

He stated that the cooperative society’s management committee requested that 10% of profits, equivalent to $1.6 million, be set aside as an education fund.

According to him, 1% of the total ($160,934) will be set aside as an audit fee for the Federal Capital Development Authority.

“That 10% of the profit, totaling 1.609 million, be placed in general reserve.”

“That the sum of $804, 673, or 5%, be set aside as AGM expenses,” he stated.

According to Uzoagba, the management committee also requested that 69 percent of the earnings, totaling 11.104 million, be declared as a dividend and interest be shared.

During the AGM, the cooperative society also elected new officers.

Stephen Igiewe was elected President unopposed, while John Ojamiren and Adewunmim Agboola were elected Secretary-General and Treasurer, respectively.

Joseph Ede was elected Vice President with 87 votes, defeating Mrs. Abiodun Oluleye, who received 86 votes.

Mrs Dorcas Jonah, who received 63 votes, defeated Mike Arokoyo, who received 58 votes, and Jacinta Nwachukwu, who received 45 votes, to become Assistant Secretary 2.

Adebayo Abdulrasheed was also chosen as Welfare Officer/Public Relations Officer after receiving 88 votes to defeat Fortune Abang, who received 83 votes. (NAN)