NUPENG Multi-Purpose Co-Operative Holds Annual General Meeting, Gives Financial Reportemmanuel ajibule
The management of NUPENG Multi Purpose Co-Operative society and its members on Friday, December 13 held the 2019 Annual General Meeting in Jibowu, just as it assured shareholders that the hope of the association paying dividend is brighter in the immediate future than it was several years ago.
Chairman of the Co-operative, Comrade Adamson Momoh stated this at the meeting. He pointed to some major achievements of the society since the inception of the current management team and informed members that there is still room for improvement.
Treasurer of the Co-operative, Comrade Victor Okelakin who officially delivered the financial report while fielding questions from members commended them for their cooperation and as well admonished them not to renege in honoring their obligations.
The Secretary of the Co-operative, Comrade Oluchi Amaogu on her part equally applauded the members for making the society grow in leaps and bounds. She continued by saying management will focus on embedding disciplined cost management as well as mining synergies across membership to improve the profitability of the business and deliver value to all stakeholders.
Comrade Oluchi further said the integrity of the Union and its management members have as well given room for people who are not staff to benefit from the profit and purpose driven society.
Co-operative form of business organization is different from other forms of organizations. It is a voluntary association of people with collectively owned fund, organised on the democratic principle of equality, who join together to supply for their requirements through mutual action, and in which the objective is service rather than profit.
For NUPENG, this initiative has essentially created safety net to protect the economically weaker sections of the society from the oppression of the economically organised strong segment of the society. The principle underlying a co-operative organization is mutual help, i.e., “each for all and all for each”. Thankfully NUPENG is playing to the rules in tandem with global best practices.