Eko Akete Cooperative holds 58th AGM

Eko Akete Cooperative holds 58th AGM
Eko Akete (Mainland) Cooperative Society limited mid-week held its 58th Annual General Meeting. The event, which complied with the ongoing COVID-19 protocol, took place at the Gabriel Orororo Multipurpose Hall, Ikotun Lagos, and had fewer members, mostly executives and representatives, in attendance, while other members followed proceedings online.
President of the society, Oloto Lateef Olubodun, explained that this year’s meeting unavoidably came late because of the prevailing COVID-19 atmosphere.
As a way of creating wealth for the society and members, he announced that the society has invested in assets and other profitable investments.

He obse
rved that were increased loans requests, but added that the management did well to manage the situation, even as he announced that his team, through pragmatic financial management, has been able to reduce waiting period for soft loans under N150,000 to within three weeks of application.
He said the management is working towards disbursing such soft loans within three days of application, while other loans are treated and disbursed within three weeks.
Presenting the audited annual account reports for 2019, the treasurer, Falemi Victor Olusanjo, said the society realised a total income of N446,679,553.96, while the sum of N174,538,017.84 was recorded as expenditure, leaving a net surplus of N272,141,536.12.
He added that the society realised a total income of N446,679,553 as at the financial year ending 31st December 2019, as against N441,916,729.08 realised in 2018, an increase of 1%.

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