According to the cooperative financial audited statement for the year ended Dec. 31, the figure represents a 213 per cent increase compared with N2.32 million net profit recorded in 2014/2015 financial years.
The cooperative President, Mr Livinus Ugochukwu, presented the figures during its Annual General Meeting on Friday in Abuja.
Ugochukwu said that N3.22 million was recorded as gross revenue and N869, 239 was the total expenditure in 2016, leaving a net profit of N2.35 million.
He said in 2017, the net profit stood at N4.91 million after a total expenditure of N875, 401, out of N5.79 million was realised as gross revenue that year.
He said that total share capital and savings for 2017 was N4.80 million and N72.76 million respectively, as against N3.51 million and N53 million in 2016.
Ugochukwu, who was re-elected for another one year, attributed the growth to “sustained and disciplined management’’, pledging to move the cooperative to greater heights.
The Chief Registrar of Cooperatives in the FCT, Hajiya Hassana Mohammed said the statement was a “true and fair view of the financial position of the cooperative” for the period.
Some members, including Mr Chukwudi Ekezie, a Director expressed satisfaction with the financial statement, lauding the leadership of the cooperative.
However, members raised eyebrows over a proposal by the Executive Committee to make statutory deductions totalling N2.25 million or 31 per cent of the profit.
One of the items covered by the deduction was payment of honorarium to six members of the committee for which N363, 427 or five per cent of the profit was set aside.
Some of the members argued that the amount was too much, calling for it to be reviewed downward to between two and three per cent.
Others also grumbled over a proposed distribution of N5.01 million, declared as dividends on the basis of 55 per cent for shares and 45 per cent for savings.
However, the proposals were later approved by members after much debate.
NAN reports that for the financial year 2018/2019, new officers to run the cooperative were elected.
They are Livinus Ugochukwu- President, Felix Ajide –Vice President, John Ojamiren Secrertary 1, Dele Joseph –Secretary 2, Mohammed Tola- Assistant Secretary, Mose Uzoagba –Treasurer and Olawale Alabi – Ex-officio. (NAN)