The Staff Multipurpose Cooperative Society Limited of the News Agency of Nigeria (NAN) recorded N10.305 million as profit after expenses in 2020.
The NAN’s cooperative president, Mr Moses Uzoagba, made this known during the 10th Annual General Meeting (AGM) if the society in Abuja, yesterday.
Uzoagba said the profit declared was made possible because of the wise investments made, support of members and the commitment of the executive.
Of the said profit, he proposed that 69 per cent be declared as dividend and interest to be shared among members, while the remaining 31 per cent be set aside for other purposes as agreed to by members.
He said as at December 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” he said.
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 N11.49 million in 2019.
At the end of the meeting, the executive committee members were returned unopposed to carry on with the activities of the cooperative for another tenure of two years.