Dangote
Group Staff Multi-purpose Co-operative Society Ltd (DANCOOPS) has
announced 46.30per cent growth in its total savings, which increased to
N717.5million from N490.4million for the year ended December 31, 2011.
In the period under review, the Society achieved
gross earnings of N51.85million in 2011 compared with N36.32million in
2010 with an increase of 43per cent while it’s operating expenses
increased by 23per cent.
However, the Society proposed to make a dividend
payout of N18million 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 N294million in 2010 to N509million in current
year under review indicting an increase of 37per cent.
Speaking at the annual 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 keys performance indicators.
With the growth recorded, Oluwole said the
Society’s objective remains the pooling of funds through monthly savings
by members to encourage savings culture amongst its members, just as
its membership had significantly increased by 15per 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 10per cent respectively.
The former manager of the co-operative, Thomas
Ayonote stated that the plan of the Society was to make DANCOOPS to be
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.
No comments:
Post a Comment