INEC Staff Multipurpose Cooperative Society declares N11.6m profit for 2022


By Aluta News

Dec 6, 2023

The Independent National Electoral Commission (INEC) Staff Multipurpose Cooperative Society Limited has declared a profit of N11, 606 in the 2022 fiscal year.

The President of the cooperative, Nenrot Gana, said this on Tuesday in Abuja while presenting his report at the cooperative’s 17th Annual General Meeting (AGM).

Gana said that the figure declared represented a decline compared to the N12, 617 declared in 2021.

According to him, the decline is due to the high number of its members who retired from from the commission.

“For surplus sharing, dear co-operators the sum of N11, 606,842 is before us to approve and share.

“ The drop in the dividends in the year under review is because we have so many retirees and as such, we reduced the volume of loans to settle them in full.

“But be rest assured, the years ahead are promising with a lot of great things,’’ he assured members.

The president said that over the years, the society had grown so fast with geometrical increase in the number of members, adding that though some members were retiring, new members were always joining.

Gana said that in spite of the challenges being faced by the cooperative in the year under review, its leadership was able to ensure that all members continue to enjoy quick loan disbursement within a very short time.

He said that the society also achieved automation and digitalisation of its transactions, which ensured transparency and accountability in the cooperative’s transactions.

Gana urged members of the society to support the noble initiative and other efforts to boost its revenue in the future.

“We are also introducing the “investment loan ” as a business strategy to enable non-members especially contractors within the Commission to access funds from the cooperative with a suitable interest rate to add up to our revenue base .

“With your approval, we shall all look at the future with a bold smile.

” So I call on all of you to unanimously support the efforts. Let us be bold and walk out of the old ways of doing things, let us embrace the new changes with open minds and our collective financial future will be secured and guaranteed,’’ Gana said.

Earlier, INEC National Commissioner in charge of Health and Welfare Committee, Prof. Sani Adam, said that cooperative society offered economic security to workers during and after service years, especially before payment of pension.

“This will enable you to sustain yourself, stabilise yourselves before pension comes,’’ he said.

Adams urged all members to work together for the success of the society in order to guarantee their life savings.

The Secretary to the Commission, Mrs Rose Oriaran-Anthony, advised leaders of the cooperative to continue to lead with integrity.

Oriaran-Anthony, represented by Mr Eze Uchechukwu, Deputy Director in the office of the Secretary also advised the cooperative to set up investments committee to work out other positive ways to boost their revenue.

“We are aware so many of you are investing your life savings in the cooperative, I advice you support it to be successful,’’ she said.

Also speaking, the acting Director General Administration, Mrs. Olaide Okuonghae, urged the cooperative executive to be focused.

“Please don’t be distracted. There may be little distraction here and there but be focus in strengthening your core activities and also prioritise opening up of new avenues for investments.


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