DANCOOPS Initiates Diversification into Real Estate and Financial Services

The Dangote Group Staff Multipurpose Cooperative Society planned to expand into real estate, microcredit and loan services to increase its revenue. Society president Afolabi Kamoru disclosed the programme at its tenth annual general meeting in Lagos. He said the cooperative had secured, renovated and furnished an office and owned land in Mowe where construction was expected to begin.

For the financial year ending in December 2016, the cooperative reported a surplus of N122,369,545.43, representing a 46.38 per cent increase from the preceding year. Kamoru said interest rates had been reduced to ease pressure on members, unclaimed dividends were paid, savings increased by N390 million, and both dividends and net surpluses rose by more than 48 per cent.

The society also planned to acquire properties in strategic locations and was discussing proposals with Dangote business units to create sales points for group products. A finance scheme was targeted within two years. Membership had grown from 400 when the cooperative started in 2004 to 10,000, with a longer-term goal of between 15,000 and 20,000 members.