The Staff Cooperative Multi-purpose Society Limited of the Dangote Group has reported N134.95m gross earnings for the 2015 financial year. The body recorded N188.82m gross earnings for 2014.
It, thus, declared a total dividend of N41.8m to its shareholders for the financial year ended, December 31, 2015.
The President of the co-operative, Mr. Afolabi Kamoru, declared this to shareholders during the cooperative’s Annual General Meeting held in Lagos, saying that operating expenses, increased by 107.24 per cent to N50.4m from N24.32m.
The cooperative recorded a 22 per cent increase in its total savings, rising from N1.85m to N2.25m in 2015. Also, it gave out loans of N1.87m in the period.
Kamoru explained that despite the macroeconomic challenges during the period under review, Dangote Cooperative made significant progress in all its key performance indicators.
With the growth recorded, he said the group’s objective remained the pooling of funds through monthly savings by members to encourage savings culture among staff members of Dangote.
According to him, on yearly basis, the society has never ceased to record incremental growth in its balance sheet, adding that, “In December, 2014, the member strength stood at 6,583. As of the end of 2015, more members had come on board.”
He said the funds being contributed at regular intervals by the members of the group were well managed, explaining that apart from the loans that were being made available when requested for, the funds are being used to maintain and develop existing assets.
He listed the major achievements by the society in 2015 to include: reclaiming of 3.5 acres of land at Mowe Housing scheme; reduction in the interest rates to cushion the effect of the economic hardship in the country; centralisation of secretariat activities; allocation of provisional letters and physical lands to potential beneficiaries at Obajana; and payment and processing for Makurdi lands Certificate of Ownership, among others.
Dangote Group Staff Multi-Purpose Co-operative Society is a multi-purpose cooperative society established to better the lives of its members by promoting a culture of accelerated monthly savings from which loans are disbursed for provident and productive purposes.
The federating units of the co-operation are Dangote Industries, Dangote Sugar, Dangote Flour, Dangote Oil Refinery, Dangote Fertiliser, Dangote Transport, NASCON, Dangote Cement, Dangote Agro Sacks, Dansa Foods, Savanah Sugar, Greenview Development, Osogbo Steel, Dancom Technologies and Bluestar/Ports Operations.
