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LBIC’s multi-purpose cooperative declares N1.3m dividends
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The Multi-Purpose Cooperative Society of Lagos Building Investment Company (LBIC) has assured its members of a better future.
Yinka Philips, president of the society, gave this assurance last week in Lagos during the Annual General Meeting (AGM) of the society, saying that the impressive performance of the society showed that members would soon benefit immensely from the society.
Specifically,the society declared N1.347 million dividend for members at the end of the financial year ended December 31, 2007 which shows 10.5 per cent increase over N888,493.00 million declared in the 2006 financial year.
The dividend also represents an increase of 2.72 percent on total contributions of members.
As part of efforts to improve the welfare of members, Phillips said the executive of the society had reviewed the interest rate on long- term loan to members downward (from 10 per cent to 12 per cent) in order to avoid payment of higher interest rate on loans and to further encourage members to apply for more loans.
Explaining the benefits that members stand to enjoy soon, she said the Cooperative of LBIC, being a multipurpose society, would enable members enjoy the opportunity of borrowing mortgage loans from banks to build and develop their piece of land, adding that the society was planning to diversify into different money yielding business activities like trading, investments, training programmes including organisation of capacity building workshops, among others.
Enumerating recent developments to improve the operation of the society, the president noted that the society had employed the service of a computer software engineer to computerise their operation, adding that currently, all the activities of the society had been computerised as the financial reports including dividend calculation and appropriation for the year ended were prepared by the software.
She added that members could always requests for their statement of account and passbook at will adding that this will in no small measure reduce the cumbersome paper work done and also improve the
efficiency and accuracy of all activities of the cooperative.
On the past achievements of the society, she said in spite of the sale of equities purchased in some years back, the remaining shares have continued to appreciate in value. “For example the value of both Zenith Bank and Guaranty Trust Bank (GTBank) have increased by more than 400 per cent in addition to other existing old stocks”, she said.
She also said that the value of members contributions have also increased by 12.51 per cent rising from N11.61 million to N12.83 million. According to her, some of the society’s fixed assets including Key-Clamp Shops at Mile 12 have been sold while rents are being collected on existing ones.
Yinka Philips, president of the society, gave this assurance last week in Lagos during the Annual General Meeting (AGM) of the society, saying that the impressive performance of the society showed that members would soon benefit immensely from the society.
Specifically,the society declared N1.347 million dividend for members at the end of the financial year ended December 31, 2007 which shows 10.5 per cent increase over N888,493.00 million declared in the 2006 financial year.
The dividend also represents an increase of 2.72 percent on total contributions of members.
As part of efforts to improve the welfare of members, Phillips said the executive of the society had reviewed the interest rate on long- term loan to members downward (from 10 per cent to 12 per cent) in order to avoid payment of higher interest rate on loans and to further encourage members to apply for more loans.
Explaining the benefits that members stand to enjoy soon, she said the Cooperative of LBIC, being a multipurpose society, would enable members enjoy the opportunity of borrowing mortgage loans from banks to build and develop their piece of land, adding that the society was planning to diversify into different money yielding business activities like trading, investments, training programmes including organisation of capacity building workshops, among others.
Enumerating recent developments to improve the operation of the society, the president noted that the society had employed the service of a computer software engineer to computerise their operation, adding that currently, all the activities of the society had been computerised as the financial reports including dividend calculation and appropriation for the year ended were prepared by the software.
She added that members could always requests for their statement of account and passbook at will adding that this will in no small measure reduce the cumbersome paper work done and also improve the
efficiency and accuracy of all activities of the cooperative.
On the past achievements of the society, she said in spite of the sale of equities purchased in some years back, the remaining shares have continued to appreciate in value. “For example the value of both Zenith Bank and Guaranty Trust Bank (GTBank) have increased by more than 400 per cent in addition to other existing old stocks”, she said.
She also said that the value of members contributions have also increased by 12.51 per cent rising from N11.61 million to N12.83 million. According to her, some of the society’s fixed assets including Key-Clamp Shops at Mile 12 have been sold while rents are being collected on existing ones.
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