The NSCDC Staff Co-Operation Investment And Credit Society Ltd, Ebonyi State Command has netted a cash surplus of N21,284,270, 95 from its business transactions in 2018. This was unveiled last week during its 2018 annual general meeting held in Abakaliki.
Addressing the cooperators during the meeting, the president, ASC John Chima Ojukwu said that N10, 429, 295, 71 representing 49% of the sum would be shared to members as dividends.
He added that a total increase in gross profit of N512, 897.62 was made in the fiscal year, against gross loss of N23,918 in 2017. The president said the outgoing year recorded a net surplus increase of 3.5%.
Comrade Ojukwu equally hinted that the membership of the society has grown from 395 as at 31st December 2017 to 487 as at December 2018, adding that the cooperative acquired two operational buses registered with ITC for transport business, where in N 1,201,250 was raked in as income.
The patron of the society, Commandant Lucy Samu commended the executive for a successful AGM.
Samu who is also the state commandant enjoined them to endeavour to avert a repeat of some faults noticed in the prevision AGM.
She observed that the tenure of the present executive has elapsed and efforts should be geared towards a smooth transition through election coming soon.
She charged all contestants to eschew bickering and make he election peaceful.
In her good will message, the Director of Cooperative, Ebonyi State Ministry of Commerce, Industry and Cooperative Development, Mrs. Immaculata Ezeoha expressed satisfaction with the score card of the cooperative society.
“The geometrical growth trend of the society’s business, considering the investments and the net surplus of the year under review is commendable,” she said.
She also encouraged the executive to pay attention to individual financial participation in personal ledger and other relevant books like payment voucher, cash book etc.
“The adoption and usage of these books facilitate the work of auditor and make accounting easier and clearer for inspection. Over deduction will be minimized.”
The external auditor, Mr. Ama Boniface Ogbonnaya, while giving his audit report directed the cooperative to consider electing three persons to handle personal ledgers of members each for the three popular banks.
He lamented that the absence of such led to over deduction amounting to over N 3.5m, though later repaid to members amidst bad blood and ill feelings.