Connect with us

Business

Staff Cooperative Posts N7.26m Profit

Published

7 years ago

on

The News Agency of Nigeria (NAN) Staff Multi-purpose Cooperative Society has posted  a profit after-tax of N7.26 million out of a gross income of N9.01 million for the 2016/2017 financial years.
According to the co-operative financial audited statement for the year ended December 31, the figure represents a 213 per cent increase compared with N2.32 million net profit recorded in 2014/2015 financial years.
The cooperative President, Mr Livinus Ugochukwu, presented the figures during its Annual General Meeting last Friday in Abuja.
Ugochukwu said that N3.22 million was recorded as gross revenue and N869, 239 was the total expenditure in 2016, leaving a net profit of N2.35 million.
He said in 2017, the net profit stood at N4.91 million after a total expenditure of N875, 401, out of N5.79 million was realised as gross revenue that year.
He said that total share capital and savings for 2017 was N4.80 million and N72.76 million respectively, as against N3.51 million and N53 million in 2016.
Ugochukwu, who was re-elected for another one year, attributed the growth to “sustained and disciplined management’’, pledging to move the cooperative to greater heights.
The Chief Registrar of Co-operatives in the FCT, Hajiya Hassana Mohammed said the statement was a “true and fair view of the financial position of the co-operative” for the period.
Some members, including a Director, Mr Chukwudi Ekezie expressed satisfaction with the financial statement, lauding the leadership of the co-operative.
However, members raised eyebrows over a proposal by the Executive Committee to make statutory deductions totalling N2.25 million or 31 per cent of the profit.
One of the items covered by the deduction was payment of honorarium to six members of the committee for which N363, 427 or five per cent of the profit was set aside.
Some of the members argued that the amount was too much, calling for it to be reviewed downward to between two and three per cent.
Others also grumbled over a proposed distribution of N5.01 million, declared as dividends on the basis of 55 per cent for shares and 45 per cent for savings.
However, the proposals were later approved by members after much debate.
Our source reports that for the financial year 2018/2019, new officers to run the cooperative were elected.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

22 hours ago

on

September 22, 2025

By

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

22 hours ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

22 hours ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending