Dangote Staff Co-operative Declares N71.55m Dividend

• Dangote Staff Co-operative Declares N71.55m Dividend

Dangote Group Staff Multi-Purpose Co-Operative Society Limited says it will pay its members N71.55m dividend for the 2017 financial year.

The President, DANCOOPS, Mr Olabode Ojo, while speaking at the group’s Annual General Meeting in Lagos, said despite operational challenges faced during the period, the dividend was 17 per cent above the dividend paid in the 2016 financial year.

He noted that the primary objective of pooling funds from members was to create and encourage a savings culture among members.

He added that it was necessary for them to pay dividends to members because they would have received interest on their savings if they had kept the money in bank accounts.

Ojo stated that apart from the dividends, members also had access to other benefits such as loans and gifts.

According to him, the various loan schemes of the group have continued to attract strong patronage by members as it provides effective support towards meeting financial responsibilities such as payment of school fees, and building projects, among others.

Ojo said, “The total loan granted rose from N1.64bn in 2016 to N1.98bn in 2017. These loans represent 63 per cent of the total amount of members’ savings.

“On a yearly basis, the society has been witnessing an incremental growth in membership. Currently, our membership has grown to over 8,000 at the end of the 2017 reporting period.”

He noted that the group had made significant progress in bringing happiness to the lives of its members through thrift and consumer operations.

Ojo stated that the group, however, had plans to invest the funds in oil and gas downstream sector, cab services and agriculture.

He added that a scholarship scheme would also be organised for children of members who distinguished themselves in academic performance.