Abuja: The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society Limited has declared a profit of N34.07 million for the 2025 financial year, surpassing the N27.6 million recorded in 2024. At the cooperative’s 14th Annual General Meeting (AGM) in Abuja, the President, Mr. Aliyu Abubakar, attributed this achievement to active trading by the executive committee despite economic challenges posed by inflation.
According to News Agency of Nigeria, Abubakar proposed allocations from the profit, including N3.4 million for an Education Fund and another N3.4 million for the general reserve. A dividend of N23.5 million, representing 69% of the profit, was also proposed for distribution. Further allocations included N9.4 million for shares, translating to N0.19k per share, and N14.1 million for interest on savings, equivalent to N0.03k per saving. As of December 31, 2025, the cooperative’s share capital stood at N50.78 million, with member savings totaling N438.69 million.
The cooperative plans to continue its trading activities in food items, electronics, and other beneficial trades. Mr. Olusegun Salako, representing the Federal Capital Territory Administration, emphasized the importance of the cooperative for members’ post-retirement well-being and encouraged increased contributions and savings.
Malam Ali M. Ali, Managing Director of NAN, praised the cooperative’s management for their prudent handling of funds and their role in providing financial solutions for housing, education, and health. He stressed the importance of active member participation for the cooperative’s success and called for transparency and inclusiveness to benefit all members.
Members, including Mrs. Jacinta Nwachukwu and Ms. Deborah Coker, raised concerns about the timing of the AGM and the distribution of educational funds and dividends, while Madam Chidi Opara suggested reviving the agency’s canteen to boost revenue.