The Group Staff Multipurpose Cooperative Society Limited has announced how Dangote plans to invest in real estate and microfinance bank and to make available credit facility for entrepreneurs who are its members.
The President, DANCOOPS, Mr. Afolabi Kamoru, stated this at the group’s 10th Annual General Meeting in Lagos.
Also, the Obajana unit of the group asked for financial autonomy to ensure quick facilitation of credit facility to members.
Kamoru said, “At the end of the financial year ended December 31, 2016, the society closed its books with surplus figure of N122.4m which represents an increase of 46.38 per cent over last year’s profit.
“There was reduction in interest rates to cushion the effect of the economic hardship on members. Payment of unclaimed dividends as well as savings increased by N390m, with both dividends and net surpluses increasing by over 48 per cent.
“The society is also planning to delve into finance scheme in the next two years. We also want to woo all the 20,000 staff members about how Dangote plans to invest in real estate to the cooperative.”
Speaking with our correspondent on the sidelines of the AGM, a member of the unit, Hassan Akeem, complained that it took too long for loans to come out after sending the application to the centre.
According to him, this has brought a lot of difficulty to workers in that unit as some of them could not easily settle debts including hospital bills.
He said, “The financial autonomy was in place in the past but during the last administration there was a serious financial mess, based on that when the new regime came, they decided to take it away from us.
“Based on that decision, most of our members have been suffering. If you ask for a loan of N15,000 that is not supposed to take more than 24 hours, it could take 40 days.”
While giving an account of his stewardship in the last two years, Kamoru said a lot had changed for the society considering its humble beginnings.
Specifically, he said, “As big as the society is, we just secured, renovated and furnished an office space. Aside from that, we have a piece of land in Mowe, with construction about to start.”
A two-time president of the cooperative society, Odetunde Oluwole, said, “In Lagos State, we are planning to construct a housing estate. We already have the Certificate of Occupancy, layout and approval.”
A list of new executives elected to lead the affairs of the society for the next two years was released and it comprises Kamoru who was re-elected as president; Olabode Ojo as the vice president; Lukmon Yusuf as the treasurer; Bature Farman as the general secretary; and Chibueze Nwaeze, assistant general secretary.
Also elected were Blamoh Adewale, as assistant financial secretary; and Isa Musa, Oladipupo Funsho, Ashonibare Ade, who emerged as ex-officio members.