Dangote Cooperative to diversify into real estate, banking, others
As part of efforts to raise its revenue profile the management and 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.
Making this disclosure at the weekend was the President of the Society, Comrade Afolabi Kamoru. He spoke in Lagos at the Society’s 10th Annual General Meeting.
Kamoru, while giving account of his stewardship in the last two years, said his executive team has been able to change the fortunes of its members thus far from a humble beginning.
Specifically, he said: “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 DANCOOPS boss said, “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.’’
Expatiating, 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%.’’
He 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,” he stressed.
Echoing similar sentiments, Comrade Odetunde Oluwole, two time president of the Society, said plans are in top gear to commence construction at Obajana in Benue state, Move in Ogun, Lokoja in Kogi state respectively.
“In Lagos state, we are planning to construct a housing estate, which we are about to commence. We already have Certificate of Occupancy, layout and approval. It’s just to move to site,” he said.
DANCOOPS, according to Oluwole which is made up of the following federating units namely: Dangote Industries Limited (Holding company), Dangote Sugar Refinery Plc, Dangote Four Mills, Dangote Oil Refinery Company Limited, Dangote Fertilizer Company of Nigeria Plc, National Salt Company of Nigeria Plc (NASCON), Dangote Cement Plc, Dangote Agro Sacks Limited, Dansa Foods Limited, A.G Dangote, Dangote Sino Truk West Africa Ltd, is also determined to branched into microfinance banking and other businesses as part of efforts to invest in lucrative ventures for the benefit of its members.
The highpoint of the occasion was the election of new executives to lead the affairs of the Society. Among those elected include, Afolabi Kamoru, who was re-elected as president, Olabode M Ojo, as Vice President, Lukmon O Yusuf, Treasurer, Bature Farman, as General Secretary, Chibueze Nwaeze, Assistant General Secretary.
Others include: Blamoh Adewale, as Assistant Financial Secretary with Ex-Officio as follows: Alh Isa S Musa, Oladipupo O Funsho, Ashonibare Ade.