Progressive Transition: In Hot Pursuit of the Dream
It is my honour, privilege and pleasure to welcome every co-operator, regulators and our well-wishers to the 6th Annual General Meeting of this enviable Cooperative Society. I want to appreciate God Almighty for making this day a reality and especially for making all of us to be part of it to witness and enjoy it.
In 2021, the Society was in an election year towards a change of guards. In some other societies, this is usually fraught with fears and bickering. Fears that a new leadership might emerge that will not build on the worthy legacies of the outgoing leaderships. Bickering’s as to who will emerge in the new leadership.
I am delighted and grateful to God that in our case, even though we experienced a change of guards with the influx of new blood into the leadership of our great society, this did not lead to divisions or change of our core vision and values or reduction in the zeal to pursue our vision nor did it result into a change of mission and purpose.
For us change has been thankfully progressive. It has been progressive stride towards consolidating on the gains of yesteryears in pursuit of our foundational dream of becoming a finance house of worth and repute.
This is not to say that the past years have been perfect. For a new kid in the block of cooperative societies we have had our shortcomings and change has empowered us with new perspectives and insights to address some of them leading to further progress.
Economic Climate
The year 2021 was characterized by a gradual decline of the effect of the COVID 19 pandemic with the advent of what is popularly called the new normal, a phase where organizations and government took a posture to make progress in the midst of the pandemic. The world experienced a gradual pick up of economic activities.
The Nigerian economy began to slowly come out of recession to experience some growth. However, the dullness in the investment climate persisted. Risk-free Treasury bill climaxed to a high of 9.75% for a very brief period around mid-year 2021 and then plunged to of a low of 4.9% towards the end of the year. Inflation rate stood at 12.13% for a greater part of the year before rising to about 15.4% towards the end of the year thus eroding in real terms whatever yields were garnered from risk-free investments. Time would fail me to delve into the impact of banditry and other security challenges on the investment climate but suffice it to say that it was clear that any reasonable growth were to be found in the real sectors of the economy.
What we Achieved
Progressive Hitch Free Transition
Our smooth and progressive transition (thanks to our progressive minded members) enabled and challenged us to put on our thinking caps , move on with our believing hearts and bring out our working hands to focus on making the most in the midst of the prevailing climate rather than being bogged down by unnecessary retrogressive bickering and fear mongering.
I want to use this opportunity appreciate the invaluable contribution of the past EXCOs under the leadership of Mr. Omotayo Bamishe in laying a very good foundation for our Society and further ensuring a hitch free transition process which we are enjoying today. It my prayer that God Almighty bless their service to humanity beyond their wildest imaginations.
Increasing Bottom Lines
Our shareholders fund grew by 43%, Members Contribution grew by 46% leading to an increase of 20% in our gross profit largely driven by interests and investment income while we also maintained our profitability in our real estate investments. Our net operating profit grew by 12% and our earnings per share marginally declined by 4.4% largely due to increases in operating and administrative cost profile when compared with 2020 performance with a membership strength of 96 active members, a 17% growth over the previous year, as at 31st December 2021.
Overcoming the Challenges in Our Real Estate Investments
We were able to take up some disappointments in our real estate investments and turned them around into profitability for the society and to the delight of members who had subscribed to those projects and we have opened up bigger opportunities in this sector with potentials for greater earnings.
Membership
Dear co-operators, join me as we use this opportunity to welcome the 14 new members who joined us in the course of 2021 to our fold.
I also want us to use this moment to remember one of us Mr David Ngeri who passed on the 25th August 2021 and do pray that God in His infinite mercies grant repose to his soul and above all, strengthen the family he has left behind.
Training and Networking
We took advantage of the training opportunities organized by the Lagos State Directorate of cooperatives to improve our knowledge and networks in the management of cooperative activities. I want to encourage us all that when such training opportunities are advertised that we should make the sacrifice to attend as our ability to be better co-operators and fund managers are greatly enhanced by such trainings and seminars not only in the curriculum but much more in the interaction with members and leaders of other cooperative societies.
We have continued to maintain our engagements with other cooperative societies in the Oil and Gas industry through the platform of the Oil and Gas Cooperative Association of Nigeria and this platform is opening up for us a number of opportunities which have the potentials to improve our bottom-line in the near future.
Dividend
Upon approval by you at this AGM and in line with the provisions of the law guiding our operations, we hereby propose to pay out the sum of NGN26,992,520 which stands at credit of the general reserves.
Outlook
- Membership Application Portal
- Stimulate More Deposits
- Support More Lending Options for Members
- Foreign Currency Denominated Investments
- Security of Our Investments
- Membership Drive
Closing
In closing, I want to assure us all that the better days are ahead and challenge us all to keep up the engagement and participation through sharing of ideas, innovation and opportunities to increase the growth and profitability of our collective enterprise.
As the saying goes, to go fast, you can go alone, but to go far, you will need to go with other people. We are on a transgenerational journey of an investment assembly that will be a delight of not only our nation but indeed even the world at large. Let us in faith backed with concrete actions continue together on this journey. The rewards are not only enriching but are also fulfilling. Let us continue to progressively make every kobo count.
Thank you for your time and attention.
Thank you for the opportunity to serve you.
Thank you for the support and encouragement as well as criticisms.
Thank you for the bond of fellowship as co-operators.
God bless Group Resources Management Cooperative Multipurpose Society!
God bless the Nigerian Agip Oil Company, the Nigerian Agip Exploration, the Nigerian Agip CPFA Limited!
God bless the Lagos State Ministry of Commerce and Cooperatives!
God bless Nigeria.
Yours in service
Bolofinde, Emmanuel, MNIM
President
Group Resources Management Cooperative Multipurpose Society