The board of the Dangote Group Staff Multipurpose Cooperative Society Limited (DANCOOPS) has set machinery in motion to diversify into real estate, micro credit and loans, among other business ventures. The reason for this is for them to raise their revenue profile
The President of the Society, Comrade Afolabi Kamoru made this disclosure at the Society’s 10th Annual General Meeting (AGM) in Lagos.
Comrade Kamoru, said his executive team has been able to change the fortunes of its members thus far from a humble beginning.
The DANCOOPS boss revealed that “As big as the Society is, we just secured, renovated and furnished an office space and within a short period we have been able to perfect a few things for the Society. Aside from that, we have a landed property in Mowe, with construction about to start.”
at the end of the financial year, ended December 31st, 2016, “The Society closed its books with surplus figure of N122, 369, 545, 43, which represents an increase of 46.38% over the last year’s profit.’’
He said: ‘’There was reduction in the interest rates to cushion the effects of the economic hardship on members, payment of unclaimed dividends as well as savings increased by N390m with both dividends and net surpluses increased by over 48%.’’
Kamoru also hinted of plans by the Society to acquire properties in strategic areas for business purposes, adding: “Already we have sent business proposals are being discussed and finalised with the SBU’s to establish Sales points of all brands of Dangote products for members. The Society is also planning to delve into finance scheme in the next two years.
“What we are looking forward now is from now to the next two years, we want to woo all Dangote staff to be members of the Cooperative. For a Society which started in 2004 with just 400 members and now 10, 000, our target is to grow it to about 15,000-20,000 members in the coming years,”