November 28, 2022

Niger Poly Co-Op Society Garner’s Over N11.3m Income In 2019 – Chairman

2 min read

By Mohammed Baba Busu

The Academic Staff Multipurpose Co-operative Society Ltd, Niger State Polytechnic, Bida Campus, has garnered over N 11.3 million as income at the end of December 2019, according to its Chairman, EtsunYakpa Mohammed-Busu.

Mohammed-Busu, who disclosed this in Bida, on Tuesday, at the Society’s 14th Annual General Meeting, added that the figure included a gross profit of over N 8.308 million.

He said the accruals, which were from all sources, were attributable to businesses with members and non members .

“In relative term, I must confirm to you that we have done better than we did in the last financial year and for this, we must congratulate ourselves .

“Therefore, as provided in the bylaw, total dividends payable, if approved by the Congress, will amount to over N 4million.

“The good news here is that cumulatively, total assets stand at up to N90 million, which is a confirmation that we are growing speedily.”

Mohammed-Busu also said that in the period under review, N 29 million was given out as long term loans that lasted between 24 and 36 months.

The chairman further disclosed that over N 29 million was invested into short term business activities, with members and non-members.

Furthermore, N 14 million was invested into long term business activities for members and repayment period varies from two to three years.

Mohammed-Busu, among other developments disclosed that, as at the end of the year, the bank balance stood at N 7million.

During the period also, twenty nine plots of land were acquired at Gbazhi area, at N 5.8 millon as well as 8 plots of land at Bida- Minna road for its members.

Mohammed-Busu however, urged members of the association to save more funds from their salaries to meet up with the rainy days for their improved standard of living and that of their family members.

The chairman said that if members save more for rainy days, it would also go a long way in tackling their future financial challenges.

According to him, “I will not be tired of appealing to all of us to avoid withdrawing from savings and instead increase our contributions to boost it in preparation for retirement.

“This appeal is more than before is necessary because the number of people who have retired from service without being paid their entitlements when due is snowballing and the consequences are better imagined than experienced.

He also advised civil servants to join and form cooperative societies to improve on their welfare as well  to arrest their emergency financial problems.

The chairman also counseled members to apply for only funds that would not make their take home pay look embarrassing.

The Chairman thanked the members for keeping faith in his stewardship and assured of more positive policies and programmes that will have direct bearing on their lives and families.

He thanked the Rector of the Polytechnic, Dr Umar Ahmed-Egbako, for his support to the association and called for its sustenance.

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