FUTMINNA Staff Cooperative Reports N30.6 Million Profit; VC Calls for Investment Transparency

The Federal University of Technology, Minna (FUTMINNA) Staff Multipurpose Cooperative Society Limited has reported a profit of N30,387,994 for the financial year ending December 31, 2023. The announcement was made during the cooperative's 27th Annual General Meeting (AGM), held at the CPES Hall, Bosso Campus.

Presenting the financial report, the treasurer, Mr. Edward Stephen Sunday, disclosed that the cooperative had 1,276 members and a total share capital of N22,816,810. He noted that 35 members withdrew during the year, receiving a total of N13,153,082 in payouts. He also highlighted that the cooperative invested N9,000,000 in the FUTMINNA Microfinance Bank, although this investment has yet to generate dividends.

Mall. Isah Abubakar, the president of the cooperative, emphasized the significant financial growth achieved during the past year, surpassing previous milestones. He attributed this success to strategic decisions, including business ventures, loan disbursement and recovery, and returns from land asset investments. He advised members contemplating withdrawal to consider the financial cushion that cooperative savings provide, especially with delays in the new contributory pension scheme.

Abubakar also updated members on the sale of a portion of Dama land, reporting that 4,444 hectares were sold for N33,000,000 after resolving legal issues out of court.

Representing the Vice-Chancellor, Prof. Faruk Adamu Kuta, the Director of the Academic Planning Unit, Prof. John Alhassan, urged the cooperative executives to remain transparent in managing members' investments. He stressed the importance of ensuring that members can access their savings when needed.

The event featured goodwill messages from representatives of the Niger State Ministry of Commerce and Industry, NECO, and other cooperative societies, reinforcing the need for transparency and trust in cooperative management.