NAN Cooperative Approves Shareholding Of N50,000

The News Agency of Nigeria (NAN) Staff Multi-purpose Cooperative Society Limited, has raised the minimum shareholding of its members to N50,000 and a maximum of 20 percent of all shareholding.

This was one of the main resolutions at the 11th Annual General Meeting  (AGM) of the bold, held yesterday in Abuja at the weekend.

President of the cooperative, Moses Uzoagba, said the decision to increase the minimum share capital was the fallout of a review by representatives of the FCT Cooperative in April, which mandated the association to review its minimum and maximum shares.

Uzoagba requested member’s  approval to move funds from savings to the shares to mark up, for those whose shares are below #50,000.00. “This is a regulatory directive. For those who do not want that done, you may personally increase your shares to the minimum limit before the end of 2022.’

He also disclosed  that the cooperative made a profit of twelve million naira (N12million)  after expenses during the 2021 financial year. This, he however said, may not have measured up to their expectations , but  he reminded them that insecurity and the COVID-19 pandemic limited their operations to a great extent.

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The president added that the management committee, on their part, took several decisions during the year under review which culminated in the growth of the society. He added that  the Committee maintained prudence and frugality in its financial dealings.

He said that most of the bad debts the association carried over for some years were paid off in the 2021 financial year.“Due to  incessant encroachments on Cooperative plots of land in Nasarawa State, as reported during the 10th AGM, the  Committee commenced immediately commenced the process of getting ‘Certificates of Occupancy’ for all plots of land for which they had since cleared the processing fee for those of Phase 1 – Phase 3.

Uzoagba, announced that the Nasarawa State Government forwarded a bill of N10,240,831.45k as ground rent covering 2005 to 2021 for the phase 1 plots.“The executive committee considers this a huge amount and a burden to the Cooperative; hence it is negotiating for a review of the bill. Whatever is arrived at will be paid by the Cooperative and then passed on to all the subscribers to the phase 1 land plots.