The AUN Community Cooperative Society has declared a bonus of ₦17, 682,076 for the 2017 operating year.
At the Society's sixth Annual General Meeting held on September 29, the President, Adamu Umar, said the Society experienced positive changes during his tenure beginning in January this year.
“In 2018, we tried to do things differently and in compliance with statutory requirements. First, we engaged external auditors for the first time since our inception.” Also this year, the Society's management became more accessible than ever. This way, he went on, this executive team succeeded in reversing what he termed “inherited negative perceptions” about our society in some quarters.
Indeed, it was the very first AGM that an official of the Ministry of Commerce & Cooperatives attended, since the inception of the Society.
Although the AGM ought to have come up in the first quarter of 2018, Mr. Umar said the delay better served the best interest of the cooperative as it enabled the organization to update its financial records properly. Another benefit, he pointed out, is the presence for the first time of the Director of Cooperatives in Adamawa State.
“I assure you that we now have a relatively credible financial record for a smooth take-off of our financial operations. I am therefore pleased to inform you all that our overall net worth as of December 31, 2017, was ₦263, 283, 420. We are safer and financially sounder,” Umar concluded.
Reported by Omorogbe Omorogiuwa