House of Peniel Cooperative Holds 2024 AGM, Elects New Executives

The House of Peniel Cooperative, Thrift, and Credit Society Ltd, located in Kpakugu, Minna, Niger State, recently held its Annual General Meeting (AGM) for 2024. The event marked the election of new executives to lead the cooperative for the next four years. The meeting saw the re-election of the immediate past chairman, Mr. Emeka John, affectionately known as “Father Father,” who returned unopposed to continue his leadership role.

Other former executives also retained their positions, with Samuel Ndubuisi re-elected as vice chairman and Matthew Ugwu continuing as financial secretary. Mike Egah was elected as the new secretary, replacing Jonathan Egwutu, who relocated to Lagos, while Emmanuel Augustine was elected as assistant secretary.

In his acceptance speech, Chairman-elect Emeka John expressed gratitude to the members for their continued trust. He emphasized the core mission of the cooperative: to improve the welfare of its members through shared financial support. He urged members to embrace a culture of saving, as it would yield greater dividends, and encouraged loan recipients to service their loans regularly to ensure that other members can also benefit.

Elder Emeka Kalu, a member of the electoral committee, commended the outgoing executives for their outstanding leadership, which saw the cooperative grow from humble beginnings to its current stature. He further advised the new leadership to focus on increasing members’ contributions, suggesting that each member should aim to contribute between ₦50,000 and ₦100,000 annually. Elder Kalu also expressed his gratitude to the members for their steadfast support of the cooperative’s past leadership and encouraged them to offer the same support to the newly elected executives.

The AGM also featured a financial report for the 2024 financial year, presented by Financial Secretary Matthew Ugwu, offering members an overview of the cooperative’s financial status as of December 31st.