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Dangote Cooperative declares N83.59m surplus

By Nkiruka Nnorom

Dangote Group Staff Multi-Purpose Co-operative Society Limited has declared N83.59 million as surplus and N41.8 million dividends for the year ended December 31, 2015.

The Society also declared N134.96 million as income for the period compared to N118.82 million recorded in the previous year.

Addressing the Co-operators at the 9th Annual General Meeting, AGM, in Lagos, the President, Afolabi Kamoru, said apart from loans given to members whenever they request for loans, the funds were being used to maintain and develop existing assets.

“Our fixed deposits have grown tremendously in the current period through the funds being made available by all of you,” he said.

He said that during the year, the Society succeeded in reclaiming 3.5 acres of land at Mowe Housing Scheme, while construction is expected to commence in January 2017 once issues surrounding the re-fencing were taken care of.

He noted that allocation of provisional letters and physical lands to potential beneficiaries at Obajana, payment and processing for Makurdi lands C of O as well as establishment of Ibeshe Land Committee members were completed during the year.

He stated that the executive was able to effect reduction in interest rate on its fixed deposits to cushion the effect of the economic hardship.

Kamoru noted that in 2017, the Society would focus on acquisition of properties in very strategic places for business purposes, adding that business proposals have been submitted to the management of Ibeshe plants to establish Sales Points of all brands of Dangote products and others for members.




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