By Grace Owolabi, Abuja

Members of the Nigerian Electricity Management Services Agency (NEMSA) Staff Cooperative Society Limited has elected new members of the executive committee to pilot the affairs of the society. The election, which took place on Friday, 9th May, 2025, saw the election of Barr. Jephthah Tukura, formerly chairman of the Steering Committee as the pioneer president of the Society, with Saleem Gidado as Vice President, Robert Agbohinou, Secretary and Amos Yidawi, Treasurer. It was conducted by the electoral committee made up of Engr. Haruna I. Ndabida, General Manager (Technical Inspectorate Services), Mrs. Ama Umoren, Assistant General Manager (Communication and Protocol); and Mr. Godwin Nanakumo, Assistant General Manager (Finance and Accounts).

The election was part of the 2nd Annual General Meeting of the society which took place at the NEMSA corporate headquarters in Abuja and witnessed by top management of the organization led by the Managing Director/Chief Executive Officer, Engr. Aliyu Tukur Tahir, FNSE represented by the General Manager Finance and Accounts Mr. Suleiman.

In his goodwill message, Engr. Aliyu praised the steadfastness, transparency, and honesty displayed by the outgoing steering committee headed by Bar. Jephthah Tukura led to the prudent management of resources and consistent declaration of dividends to members of the society. The MD/CEO charged the newly elected EXCCO to continue to uphold the principles of accountability and good governance in the management of the society’s affairs.

His words “ I wish to commend the leadership and members of the Society for their continued dedication to the growth, stability and impact of this noble initiative

“The existence and consistent progress of the Cooperative Society is a testament to what can be achieved when staff come together with a shared vision, anchored on trust, transparency and mutual support”.

According to him, “Cooperatives, are powerful tools to economic empowerment. They encourage financial discipline, promote savings and investment, and provide members with access to resources that improve their overall wellbeing”

Engr Aliyu while assuring the staff of Management’s continued support in ensuring that the society thrives in a conducive environment in line with the shared values of the organization, urged the members of the society to remain actively involved by supporting the growth and sustainability of the society. “ Let us keep building a system that future generations of NEMSA Staff will look on with pride”, the MD/CEO added

In his opening speech, the outgoing Chairman of the Society Barr. Tukura said NEMSA Staff Cooperative Society Limited was registered as a National Primary Society by the Federal Department of Cooperative (FDC) on 20th May 2022 with registration number FDC 0027.

Said he, “Going by the successes and structure on ground, we can comfortably submit that its maturity far outstrips what is expected of an entity with similar chronological age. To buttress our success story, we recount that we have not experienced loss in our nascent years of operation. As a matter of fact, dividends were paid out in the first AGM, and at this second one, the same is bound to occur following the approval of this meeting.

“Structurally, it will be hard put for a distant observer to believe the Cooperative has operated this efficiently by being administered by a skeletally manned Steering Committee who are only 5 in number with no extra external paid hands. The members of the Steering Committee have had to navigate the exigencies of their paid jobs as Staff of NEMSA and still deliver by effectively administering the Cooperative. This feat can only be chalked up to the unwavering dedication to duty of the Steering Committee members and, equally to the easy-to-work-with members of our dear Cooperative”, he stated

Furthermore, he said the society’s independently audited financial report shows that they did equally well in 2024.

“Our festive sales activities took place without hitches, ditto other routine services like payment of loans to qualified recipients. Having been approved by the last AGM, we were able to acquire a few assets for the Cooperative. They include: multimedia trolley speaker. This has been available for rent, earning the cooperative income that, in a little over one year, has almost covered its cost of purchase. A cabinet for filing purposes. We also acquired some reams of paper and other stationeries for secretarial use. All the expenses have been duly captured in the financial report”, he explained.

The Society’s financial report for the year ending on 31st December 2024 shows an impressive performance. Revenue rose slightly by 2.24% from N3,895,001 in the preceding year 2023 to N3,982,763 in the year 2024. The expenses for the year 2024 had an increase of about 20.4 per cent compared to that of 2023. It rose from N1,570,591 in 2023 to N1,891,432 in 2024, which the management attributed to rising inflation and the increase in operating activities, which was brought about by growth and expansion of the Society.

However, society recorded a surplus of N2,091,331 in the year 2024, which was 10% lower than N2,324,411 recorded in 2023. Notwithstanding the fact that a slight increase was made in revenue in 2024 as compared to 2023, the reduction of about 10% may not be unconnected to the increase in operating activities due to growth and expansion of the Society and inflation.

The substantial increase in bank balance at the end of the operating year indicates improved liquidity, which is a positive sign for the Cooperative’s financial health. The balance rose from N7,825,384 in 2023 to 13,131,920 in 2024. This position may be as a result of bulk releases or part payment of unremitted or outstanding funds by IPPIS towards the end of the operating period.