Eko Akete (Mainland) Cooperative Multipurpose Society Limited has held its 64th Annual General Meeting (AGM) and Annual Report in Ikotun, Lagos.
President of the society, Victor Olusanjo Falemi, lamented the inflation and attendant hardship in the country, but stated the Management Committee’s resolve to ‘stay focused on the cooperative’s mandate, cushion the hardship through savings, affordable credit, and viable investment for our members’.
The president announced that the society recorded an increase in total income compared to 2024, driven by higher loan portfolio turnover, loan recovery and diversified income streams from investment outlets. He also announced that the society achieved a significant increase in net surplus for the year ended December 31, 2025.
He pledged that the management would remain prudent in the deploying of funds into low-risk high return ventures.
The Treasurer, Fredrick Olufemi Onabanjo, said the society realised a total income of N679,425,398.06, and N277,181,075.13 in expenditure; culminating in a net surplus of N402,244,322.93.
This was against N651,931,372.65 in 2024 – an increase of N27,494,02.41.
Onabanjo said the total expenditure in 2025 stood at N277,181,075.13, as against N267,604,768.43 in 2024, an increase ofN9,576,306.70, which he ascribed to rising operating and overhead costs.
Notably, loan interest was also raised from eight to 10 per cent from August 19.
The president cited the economic situation for the hard decision.
He informed members of plans to digitalise loan applications, to enable easier online application by members.