Dangote Co-operative savings hit N717.5m
Dangote Group Staff Multi-purpose Co-operative Society Limited (DANCOOPS) has announced 46.30 per cent growth in its total savings, which increased from N490.4 million to N717.5 million for the year ended December 31, 2011.
During the period under review, the Society achieved gross earnings of N51.85 million in 2011 compared with N36.32 million in 2010 with an increase of 43 per cent while its operating expenses increased by 23 per cent.
The society also proposed a dividend payout of N18 million to members whose names appeared in its membership register as at the close of business on 31st December 2011, while the loan portfolio grew from N294 million in 2010 to N509 million in current year under review indicting an increase of 37 per cent.
Speaking recently at the yearly general meeting of the society, the President of the Co-operative, Reuben Oluwole, explained that despite all odds during the period under review DANCOOPS made significant progress in all key performance indicators.
With the significant improvement recorded, Oluwole said the Society's objective remains the pooling of funds through monthly savings by members to encourage savings culture among its members, just as its membership had significantly increased by 15 per cent from 3619 in 2010 to 4156 in 2011.
The president stated, 'The main objective of the Society is to make loan in any form available to members without delay. Our loan scheme has continued to attract high rate patronage by members compared to previous years.'
He said that the Society has attained a giant stride in the reduction of loan interest rate from 10, 12, and 15per cent to 5, 7 and 10 per cent respectively.
The former manager of the co-operative, Mr. Thomas Ayonote, stated that the plan of the Society was to make DANCOOPS become the biggest co-operative in Africa, by diversifying into different project like landed property, tricycle, building of houses for members and acquisition of home appliances.
On its achievements so far, Ayonote who emerged as the financial secretary at the end of meeting explained that on the housing scheme, the Co-operative have secured the Certificate of Occupancy and Governor's consent on 83.7 acres of land at Mowe, Ogun State.
He added that the Society has the acquisition of 620 plots of land at Zango Daji Lokoja Kogi State, 23 hectres (460 plots) of land at Makurdi from Benue State government fully paid for its members in and outside the Benue Cement Plant.