Eko Akete Cooperative Holds 6th AGM

Eko Akete (Mainland) Co-operative Multipurpose Society Limited has held its 60th Annual General Meeting.

EKO HOT BLOG reports that the meeting was a carnival of some sort for executives, delegates and members of the society at the Sir Gabriel Orororo Hall, Ikotun, Lagos.

The President of the society, Mobolaji Zacchaeus said: “Six decades of our existence as a Cooperative institution has provided the opportunity for us to evaluate how well we have fared in the sustenance of the hope, vision and mission of our founding fathers.”

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He said the society recorded modest achievements in the last fiscal year but lamented that the society has lost many members as a result of their statutory retirement from service and relocation of some health workers abroad.

The Financial Secretary, Alli Taofeek Adisa, announced that the financial needs of members were well met despite the delay experienced in remittances of monthly returns. He said a total of N3,612,814,049.39 was granted in loan in 2021 against the total of N3,219.030,867.00 granted in 2020, representing 12 per cent increase.

He stated that a total income of N538,456,311.56 was realised, while N221,875,214.40 was recorded as expenditure during the year 2021, leaving a net surplus of N316,581,097.16.

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Giving further analysis, Adisa said, a total income of N538,456,322.56 was realised as at the end of financial year, 31st December, 2021 as against N470,571,326.35 realised in 2020, representing 14 per cent increase.

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