News Agency’s Cooperative Declares N27.6m Profit For 2024

The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society has declared a profit of N27.6 million for the 2024 financial year.

At the society’s 13th Annual General Meeting in Abuja on Tuesday, its president, Mr Stephen Igiewe, said the amount was higher than the N20.3 million recorded in the 2023 financial year.

Igiewe said the figure was 36 per cent higher than the surplus recorded in 2023.

He explained that the executive committee realised the surplus through vigorous trading despite the economic challenges, occasioned by inflation.

Igiewe proposed declaring N19 million, representing 69 per cent of the profit, as dividends and interest to be shared among the members.

The president said the figure was higher than the N14 million shared as dividends and interest in the 2023 financial year.

He proposed that N7.6 million, representing 40 per cent of the profit, be set aside for shares, translating to N0.18k per share, while N11.5 million, representing 60 per cent of the profit, be set aside for interest on savings, translating to N0.03k per savings.

Igiewe said the value of the share capital of the cooperative stood at N40 million, while members’ savings stood at N354 million as of December 31, 2024.

A new exco emerged at the end of the AGM.

The new president, Aliyu Abubaker-Idris, pledged to ensure members make profits from their investments.