The Nigerian National Petroleum Corporation (NNPC) staff multi-purpose cooperative society has disclosed that it will pay out over N242 million to its about 6,500 members as dividends accrued to them in the 2011 accounting year.
President of the cooperative society, Mr. Sunday Braimoh, stated in an address at the 2011 Annual General Meeting (AGM) and 10 years anniversary of the society in Abuja, that it recorded significant growth in its operation within the financial year and has in this regard recommended that a total of N242, 033,534 million be paid to its members as dividends in addition to other corporate gifts.
Braimoh explained that the cooperative’s membership base had grown to 6,500 members since its inception in 2002, while its balance sheet for the year closing in December 2011 indicates that it had over N8 billion to it.
He noted that the society’s profile currently stood at N5.041, 458,059 from nothing when it started in 2002, adding that its loan ceiling had also been limited to twice per savings of each member applying for loan.
According to him, “I cannot stop mentioning ‘from nothing’ as this is our starting point. No grant, no loan and only from members savings and membership fee, we began and today we have the following results: overall balance sheet grew from 0 in 2002 to N8,352,152,724 as at December 2011, similarly, our gross earnings rose from N305,284,739 in 2010 to N448,662,897 in 2011, an increase of 47 percent.
The cooperative may have come this far but I will not refuse to mention that much more still needs to be done first to sustain this tempo and achieve more.”
He stated that the society had also made diligent investments in real estate development in the Federal Capital Territory (FCT) and had within its belt estates in Wuye, Mabushi, Kafe, Gaduwa, Lokogoma and Idogwari districts of the city.
Reeling out other achievements of the society, Braimoh said: “We have also in the course of this 10 years established a micro-finance bank which is also doing very well and ranked amongst the top 10 within the FCT.
“Within the NNPC group, we are the first to won a filling station which is always there for our members in times of scarcity but juicy as this may be, we also have challenges associated with macroeconomic factors that are not within our control as well as other issues like late remittances.”
Accordingly, the AGM also recognised the contribution of some of its officers to its operations and growth in the last 10 years with a long service award in appreciation of their efforts.