DANGOTE GROUP STAFF MULTIPURPOSE SOCIETY LTD HELD ITS 17th AGM RECENTLY
The cooperative which has a membership strength of 12,867 across the various business unit of the coops.
The cooperative posted a net surplus of 389,134,000 and declared 52% of this sum as dividend for members. Some of the objectives of the Dangote Group staff multipurpose cooperative society are.
To provide credit facilities for members at fair and reasonable rates of interest for provident and productive purposes.
To encourage regular saving amongst members, so that members may cultivate the habit of making savings at least once monthly, with a view to building up funds for individual future use.
To stock consumer and producer goods for distribution to members at fair and reasonable prices.
To acquire acres of land for sale or estate development to meet the housing needs of member or for individual purpose as a form of investment for the economic benefits of the member.
To undertake or invest in real estate and housing development for accusation by its members and other interesting parties.
To undertake and invest in new ventures beneficial to members and the society as approved by the management committee. These include projects financing production, etc.
To undertake service businesses that will cater for the primary need of the members and patrons; like petrol station, warehousing, consultancy, etc. managed in the overall interest of the member and society.
To encourage fixed deposit from members out of which a fund may be established for giving short-term loan to members to acquire stock or shares and other rewarding ventures.
To raise capital through shareholding by member of the society as shares represent certificate to membership.
To manage financial portfolio carefully by investing in stock but guide by the decision of member. In this way, the society shall become part owner of multinational banks etc.
To seek loans for industrial/housing development from banks, the cooperative circle and other financial institutions
To secure wholesale mortgage, either for on-lending to members or for housing development and let or self-dwelling on mortgage basis.
To do anything within the law and enter into transaction which in the society opinion is necessary to ensure the proper performance of its functions or the attainments of the above listed objects.
The Cooperative is contributing immensely to the labor market as it has over 25 members of staff. The highpoint of the AGM was the swearing in of the new executives headed by the President.
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