The News Agency of Nigerian (NAN) Staff Multipurpose Cooperative Society Limited is targeting over N100 million from investment earnings in 2023 business year.

Speaking on Thursday in Abuja, the newly elected President of the Cooperative, Stephen Oghogho Igiewe said the Cooperative would expand it’s investment base to achieve the target.

According to him, “we will partner with the Bank of Industry (BOI) and other agencies to grow our income through trading”.

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With a share capital value of N39.081,233 and members saving bond of N252. 603,271, the Cooperative earned over N16.093,476 from investment income in 2022 business year.

In the year under review, the Cooperative purchased food items and electronics and sold same to members for profit.

“The food items were picked by members with payments spread over a period of three months while that of electronics were spread over a period of six months. The interests charged on these items created income stream for the Cooperative”.

NAN Cooperative has a membership strength of 492 members who are staff of the Organization.

 

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