The Nigeria Immigration Service Staff Multi-Purpose Cooperative Society (NIMCOS) has posted a net profit of N52.4 million for a period of four years.
This translates into an annual average of N17.4 million profit after tax, the News Agency of Nigeria (NAN) reports.
The gains were recorded between Sept. 1, 2014 and March 31, 2017, NIMCOS, according to the society’s first financial report made available to NAN in Abuja on Wednesday.
The President of NIMCOS, Mr Sylvanus Obozokhai, presented the report to members of the society at their first Annual General Meeting (AGM) on Tuesday.
Obozokhai announced the sum of N20.5 million as interest on savings, and N11 million as proposed dividends to be shared by shareholders in the 4,455.
He said the financial successes were evidence of a judicious management of members’ savings and investments by NIMCOS’ executive committee within the period.
Meanwhile, Obozokhai has been re-elected for another term of two years, along with other members of the executive committee.
They include: Yusuf Mohammed (Vice President), Theodora Nwosu-Zitta (General Secretary), Mohammed Sani (Assistant General Secretary), Ademola Olanipekun (Treasurer) and Salihu Dauda (Financial Secretary).
Mr Musa Masoud and John Iliya were elected for the first time as Legal Adviser and Public Relations Officer, respectively.(NAN)
ARU/AMY/AMY