Dangote Co-Operative Declares N42m Dividend For ShareholdersThe Staff Co-operative Multi-Purpose Society Limited of the Dangote Group has declared a total dividend of N41.8 million to its shareholders for financial year ended, December 31, 2015.
The president of the co-operative, Mr. Afolabi Kamoru, declared this to shareholders during the co-operative’s Annual General Meeting (AGM) held in Lagos over the weekend.
In the period under review, the group recorded gross earnings of N134.95 million in 2015 compared with N188.82 million in 2014 with an increase of 13.6 per cent, while its operating expenses increased by 107.24 per cent to N50.4 million from N24.32 million.
The co-operative has recorded a 22 per cent increase in its total savings, rising from N1.85 million to N2.25 million in 2015. Also, it gave out loans of N1.87 million for the period.
Kamoru explained that despite all odds during the period under review, Dangote Co-operative made significant progress in all keys performance indicators.
With the growth recorded, he said, the group’s objective remains the pooling of funds through monthly savings by members to encourage savings culture amongst its members.
According to him, on yearly basis, the society have been witnessing an incremental growth.
“In December, 2014, the member strength stood at 6,583. As at the end of 2015, the membership strength has grown within the last one year.”
He noted that the available funds being contributed at regular intervals by the members are well managed, saying apart from the loans that are being made available when they are requested, the funds are being used to maintain and develop existing assets.
He listed the major achievement in 2015 carried out by the society as reclaiming of 3.5 acres of land at Mowe Housing scheme, reduction in the interest rates to cushion the effect of the economic hardship, centralisation of secretariat activities, allocation of provisional letters and physical lands to potential beneficiaries at Obajana, payment and processing for Makurdi lands C of O, among others.
Dangote Group Staff Multi-Purpose Co-operative Society Limited is a multi-purpose co-operative society established to better the lives of its members by promoting a culture of accelerated monthly savings from which loans are disbursed for provident and productive purposes.
The federating units of the co-operation are Dangote Industries, Dangote Sugar, Dangote Flour, Dangote Oil Refinery, Dangote Fertilizer, Dangote Transport, NASCON, Dangote Cement, Dangote Agro Sacks, Dansa Foods, Savanah Sugar, Greenview Development, Osogbo Steel, Dancom Technologies and Bluestar/Ports Operations.