… Pays 35% as dividend on Share Capital
The Bendel Newspaper Company Limited Multi-Purpose Cooperative Society (BNCL-MPCS) convened its 2022 Annual General Meeting (AGM) on Saturday, August 5, 2023, revealing a remarkable net asset growth of 101.24% for the year ended 31st December 2022.
The AGM, attended by cooperators, featured a reflection on past year’s achievements, challenges, and plans for the future.
Addressing the cooperators, the President of BNCL-MPCS, Mrs. Imoisili Marvellous Oghomwen, expressed gratitude to God for the opportunity to gather as a united cooperative. She extended her appreciation to the members for their unwavering trust in the present executive committee’s ability to steer the society’s affairs effectively.
Despite facing a year marked by decreased loans and equipment due to members no longer sharing an office space together, Oghomwen emphasized that the cooperative had managed to maintain profits exceeding those of previous years.
“In a year where loans and equipment faced significant challenges due to our members no longer working together in the same place, I am grateful for the wisdom and grace that have enabled us to maintain higher profits compared to previous years,” Oghomwen stated.
The President acknowledged the cooperative’s change of location from the former office at Airport Road to Exoti, and appreciated Mr. Festus Alenkhe, Chairman of the Nigerian Union of Journalists (NUJ), for his generosity in providing the cooperative with the hall to hold the AGM.
Further extending her gratitude, President Oghomwen shared her confidence that the cooperative’s unity would yield fruitful results in the coming year.
“Today, I can assure you that we are going to have a great time together, and I welcome you all with open arms as a united and happy Observer family,” she said.
She encouraged members to contribute their ideas and business insights, aiming to propel the cooperative forward and foster continued growth.
During the AGM, Pastor Fred Amegor, the Treasurer of BNCL-MPCS, presented the 2022 audited financial report, highlighting significant milestones achieved in the 2022 financial year.
In the opinion of the Independent Auditors, Humphrey Ehigie & Co., “The Co-operative Society kept proper books of accounts, and the financial statements give a true and fair view of the state of affairs of the Co-operative Society for the year ended 31st December 2022, and the income surplus over expenditure on that date, and comply with the Bye-Laws of the Multi-Purpose Co-operative Society Limited as applicable in Edo State.”
Noteworthy points from the audited financial report included a 278.421% growth in interest and other income when compared to the preceding year and a 315.26% increase in the net surplus was also reported compared to the 2021 financial year.
Undoubtedly, the most outstanding achievements were the impressive growth rates of the paid-up share capital and net assets, which increased by 113.70% and 101.24% respectively.
Members of BNCL-MPCS were further rewarded for their dedication, receiving dividends of 35% on their Share Capital and 2.5% as Interest on Thrift Savings.
The unprecedented enhancement of the cooperative’s financial stability was attributed to the judicious management of the Executive Committee, led by the astute leadership of President Mrs. Imoisili Marvellous Oghomwen.
The highlights of the occasion were the presentation of gifts to two of the members of the Cooperative Society, Mr. Enahoro Eubaldus, who will be bowing out of service soon, and Mrs. Alakiri Joy for her immersed contribution to the growth of the society despite not being a member of the committee. There was also a lucky deep for members present, where Mr. Bashiru Abiebode was the lucky member to go home with the gift.
