Eko Akete (Mainland) Co-operative Multipurpose Society Limited has held its 60th Annual General Meeting.
The meeting was held at the Sir Gabriel Orororo Hall, Ikotun, Lagos.
Welcoming the participants at the occasion, 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.”
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 the relocation of some health workers abroad.
The Financial Secretary, Alli Taofeek Adisa, announced the cheery news that 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 a 12 percent 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.
Giving further analysis, Adisa said, a total income of N538,456,322.56 was realised at the end of the financial year, 31st December 2021 as against the sum of N470,571,326.35 realised in 2020, representing a 14 percent increase.