NAN Staff Cooperative Targets N100m Profit, Earns N16m For 2022

The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society new exco sets revenue target of N100m in the coming year.

The is just as the cooperative declared over N16 million dividends for 2022 business year.

The new president, Mr Stephen Oghogho Igiewe stated this at the 12th annual general meeting of the cooperative in Abuja.

He said the cooperative was open to business partnership and would explore small scale business ventures to shore up revenue.

Earlier, the outgone president, Mr Moses Uzoaga declared N16.09 million dividend for the year 2022 after expenses.

” I wish therefore,to report that the cooperative made surplus of N16.09 million only after expenses during the period under review” he said

He however, lamented that N17.844 million was being withheld by the office of the accountant-general of the federation through its Integrated Payroll and Personnel Management Information System (IPPIS).

“I wish to also report to you they the Accountant-General of the Federation’s Office through Integrated Payroll and Personnel Information System (IPPIS) withheld the Cooperative’s N17.844 million being funds deducted from members’ November 2022 salaries as loan repayments, savings,shares and savings increase,etc.

“The management Committee wish to appeal to members who may know people at the Budget and the Accountant-Generals office to please assist in the return of this money to the cooperative. Advice on measures which may be adopted to recover the funds will also be welcome” he said.

He noted that inflation and insecurity negatively affected the business of the cooperative during the year especially in trading.

Speaking further, Mr Uzoaga restated that the share capital of the cooperative as at 31st December 2022 stood at 39,081,233.40k while members savings was 252,603,271.27k.

LEADERSHIP reports that the cooperative executives to steer it’s affairs for the next two years.