NAN Cooperative Reports N34m Profit, Plans Housing

The News Agency of Nigeria (NAN) Staff Multipurpose Cooperative Society Limited announced a profit of N34.07 million for the 2025 financial year during its 14th Annual General Meeting (AGM) held in Abuja. President Mr. Aliyu Abubakar stated that this profit, which exceeds the previous year's N27.6 million, was achieved through vigorous trading despite economic challenges.

Abubakar emphasized his priority of providing housing for cooperative members, noting a recent meeting with the Managing Director of the Federal Mortgage Bank, who confirmed plans to build houses for members. He proposed allocating N3.4 million for an Education Fund, N3.4 million for general reserves, and N23.5 million for dividends.

The cooperative's share capital was reported at N50.78 million, with members' savings at N438.69 million. Mr. Olusegun Salako, representing the Federal Capital Territory Administration, encouraged members to increase contributions for better retirement living.

Malam Ali M. Ali, Managing Director of NAN, praised the cooperative's management for their accountability.