AUN Cooperative Society Declares N17m Surplus for 2018

AUN Cooperative Society Declares N17m Surplus for 2018

At the 7th Annual General Meeting of the AUN Community Cooperative Society that was held on June 1, a total of N17,058,393 was declared as the surplus for the year ended December 2018 while N10 million is the dividend to be paid for that period.

President of the Society, Adamu Umar said despite the financial shortages that the Society faced in 2018 which affected its premium service of soft loan provision, the Society ‘still came on stronger and more united than ever’.

The Society did not have to rely on just income accruing from soft loans.

“We diversified our core business during the year under review to include acquisition of electronic gadgets for interested members for a six-time payroll deduction.”

The organization also explored different services to satisfy the needs of members.

“We provided farming aid to our members by procuring seedlings, fertilizer, and pesticides. We also procured cement and building materials for our members.”

The president said the Society recorded successes in 2018 despite its enormous challenges. Some of these include repositioning perceptions about the Society. He said his leadership cultivated and maintained the habit of wide consultations before making decisions.

“This is the year the leadership of the Society became more accessible. It is a year of seemingly unending challenges but the Executive Committee remained relentless, fearless, bold, and focused on delivering the goods.”

He added that the Society regularly consulted and partnered with the Adamawa Ministry of Commerce and Cooperative Services to ensure that it complies with statutory regulations.

“An official of the ministry was here last year and another is here today to attend the AGM and to endorse our operations in accordance with the National Cooperative Act.”

Making the formal presentation of the 2018 accounts, Financial Secretary, Dashik Senyen said the total liabilities and equity as at December 31 of the year under review stood at N313,043,552.

 

Reported by Omorogbe Omorogiuwa