NAN Staff Cooperative Reports N20m Profit In 2023

The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society Limited reported a profit of over N20m for 2023.

The president of NAN Staff Cooperative Society Limited, Mr Stephen Igiewe, disclosed this at Abuja’s 12th annual general meeting (AGM) yesterday.

He said the committee, under his leadership, maintained prudence and frugality in all its financial dealings, culminating in growth.

He said, “I wish to report that the cooperative made 20,334,766.63 after expenses during the period under review, 2023.”

He added that the cooperative recorded, as at 31 December 2023, a share capital of 39,585,169.14 and members savings of 300,009,922.33.

He said that despite the achievements, the committee encountered challenges such as the incessant encroachment on phases 1 and 2 plots of land at the Peninsula area of Nyanyan Gwandara in Nasarawa State.

He, however, assured that the committee had salvaged the situation by securing C of O for the lands, adding that more than 70 percent have paid for the C of O for the phase 1 land.

“Members are advised to take possession of their lands as going forward; the society will not bear any burden arising from any encroachment,” he said.

He stated further that the cooperative business was affected by the widespread challenges of inflation, insecurity, and inconsistent/fluctuating bank rates in the year under review.

Mr Igiewe disclosed that the committee acquired two 200 by 100 plots of land in the orange market area of Mararaba for a warehouse and pure water factory.