By Yusuf Zurmi
The Federal University of Technology, Minna Staff Multipurpose Cooperative Society Limited has reported a profit of N30,387,994 for the financial year ending December 31, 2023. This announcement was made during the cooperative’s 27th Annual General Meeting (AGM), held at the CPES Hall, Bosso Campus.
In his financial report, the treasurer, Mr. Edward Stephen Sunday, disclosed that the cooperative’s membership stood at 1,276, with a total share capital of N22,816,810. He revealed that 35 members withdrew from the cooperative during the review period, with a total of N13,153,082 paid out to them. Additionally, the cooperative invested N9,000,000 in the FUT Minna Microfinance Bank, although this investment has yet to generate dividends.
Earlier, the cooperative’s president, Mall. Isah Abubakar, noted that the society experienced significant financial growth over the past year, surpassing previous achievements. This growth, he explained, was driven by strategic decisions aimed at meeting shareholder expectations through viable business ventures, loan disbursement and recovery, and investment returns, particularly in land assets.
Mall. Abubakar also advised members considering withdrawal from the cooperative to remember that, with delays in the new contributory pension scheme, cooperative savings often provide a crucial financial buffer post-retirement. He also updated members on the sale of a portion of Dama land, explaining that while some legal issues arose, they were resolved out of court. A smaller portion of the land, measuring 4,444 hectares, was sold for N33,000,000 following the settlement of related litigation.
Representing the Vice-Chancellor, Prof. Faruk Adamu Kuta, the Director of the Academic Planning Unit, Prof. John Alhassan, encouraged the cooperative executives to maintain transparency in managing members’ investments. He emphasized the importance of ensuring that cooperative members can readily access their savings when needed.
The event also featured goodwill messages from representatives of the Niger State Ministry of Commerce and Industry, NECO, and other cooperative societies, further underscoring the importance of transparency and trust in cooperative management.
Photo credit: Elijah Yisa