MINUTES OF ANNUAL GENERAL MEETING OF NNPC STAFF COOPERATIVE MULTIPURPOSE SOCIETY LIMITED LAGOS HELD AT THE CONFERENCE AND EXHIBITION CENTRE, LAGOS CHAMBER OF COMMERCE & INDUSTRY, IKEJA, LAGOS ON APRIL 30, 2015.

Attendance: 424

Welcome Address and Opening Prayer

The meeting commenced at 11:58am. The Assistant General Secretary, Pastor O. A. Olarinre welcomed all members and guests. He thereafter called on the General Secretary, Pastor A. A. Kasali, to lead in the opening prayer which was done.

Introduction of Guests of Honour

The Assistant General Secretary introduced the members of the Management Committee and the Supervisory Committee who were seated already on the high table viz; Comrade J. A. Ojeyemi (President ), Mrs V. F. Olalemi (Vice-President), Pastor A. A. Kasali (General Secretary), Mr A. A. Onah (Treasurer), Umar Isah (Assist Treasurer), Mr Atsiangbe H. U. (Financial Sec.).

Other dignitaries and important guests were duly recognised including Engr Jubrin Bala (Vice-President ICA, Africa & President CFN) and Mr. Tom Tar (Executive Secretary, CFN).

The President’s Address

The President started his speech by observing all protocols and thanked the members who were present at the 36th Annual General Meeting for their presence. He equally congratulated them for the successful holding of the national elections peacefully. He expressed his gratitude to God for being in the helm of affair of the Cooperative Society.

The President emphasized that the core values of the Society - the fear of God, integrity, teamwork and supportiveness remained the watchword and practice in the running of its affairs. He presented the summary of the development within the operating environment that positively affected the Society’s performance score card in the year ended December 2014. He reminded the members of the introduction of the Credit Risk Ratio (CRR) by the Central Bank of Nigeria (CBN) at the 2013 Annual general meeting which impinged on the performance index of the Society of which the Management ensured the burden was not passed to the co-operators even though it had not reduced in the reporting year according to the statement of the CBN Governor. Despite this, the finances of the Society were prudently managed with the shoring home of a surplus of ₦72,020,089.00 for the year 2014.

Prominent among the achievements for the year were:

 the commencement of business operation at the Daylight Microfinance Bank Limited

 Commissioning of the 3-storey Daylight Complex, Abuja

 payment of year 2013 Dividend to members’ Ledgers

 the improvement in payment of members’ requests

 the lease of 174 hectares of land for aquaculture by the Lower Niger River Basins Development Authority

 the successful implementation of new software and website for online activities

 distribution of Home-Theatre gifts to members

 increase in Loans/Withdrawal granted to members

On regional/ global Cooperative Movement, the President informed the members of the vision behind the blue print of International Cooperative Alliance (ICA) which is in the interest of the Cooperative Societies worldwide to promote their businesses to meet high global standard by year 2020.

Also, he informed members of the National Award won by the Cooperative Society as the “Best Cooperative Society in Nigeria” for the year 2014 by the Cooperative Federation of Nigeria (CFN). He used the opportunity to appeal to NNPC Management to regularly remit members’ deductions together with the payment of their salaries. The President further shared the outlook of the year 2015 and concluded his speech by appreciating the members, the Management Committee and the Supervisory Committee for their commitment and support. To crown it all, he acknowledged the unflinching support of Lagos State Ministry of Agric and Cooperative Services, LASCOFED, NNPC RSA, NNPC Management & its subsidiaries, other stakeholders, invited guests, well-wishers and friends. He specially thanked the President CFN/Vice President ICA, Africa and the Executive Secretary, CFN for attending the occasion. The President also informed the house that the Aquaculture Project was on-going. However the bankers requested the Society to provide security to assess the facility approved by CBN on a single interest rate of 9%.

Members’ Responses

Question asked by Mr Igbinobaro

Mr. Igbinobaro M. E. of NPDC, Benin commended the President for the good job done on the registration and commencement of Daylight Microfinance Bank and other achievements. He asked the President whether if being a member of NNPC Cooperative automatically translate to being a member of the Microfinance Bank. He then further appealed to all Cooperative members to ensure that the Daylight Microfinance Bank is highly patronised regularly.

In his response, the President said that being a member of the Cooperative does not automatically translate to becoming a member of the Microfinance Bank because the rules and regulation guiding the Bank are very strict by the CBN which requires the Bank to submit its report to CBN monthly and that the activities of the banks are monitored closely by the CBN.

Further, Barr. Amzat, a lawyer, threw more light by explaining that indirectly cooperative members are shareholders of the bank by the virtue that the bank was promoted by NNPC CMS.

Agriculture

In response to the President’s statement that the Society will not be interested in taking loans from banks owing to its exposure to other banks and especially for the execution of the Acquaculture Project, it was unanimously agreed that the Society should source for funds internally. It was also agreed that the society should utilize about 50% of its reserve with the Lagos State Ministry of Agriculture and Cooperatives for the execution of the project at Kampe Omi Dam Integrated Project in Kogi State. From the records available, the Statutory Reserve with the Ministry of Agric and Cooperative stood at N407,276,440.00 as at the time of reporting.

Adoption of Minutes of Last AGM (2014)

The General Secretary was invited to read the Minutes of last AGM before the house and he did this by asking the members if there were omission, alteration, correction or addition.

The first observation came from Mr Adeyemo Jacob of PHRC. He observed that the President, Comrade Ojeyemi J. A. was given an award which was not captured in the Minutes.

Another correction came from Mr Aidelomon Fidelis, who pointed out that under the address by the retirees’ representative; the address was taken by National Vice President and not National Vice Chairman.

In the absence of any other observation, Mr Ayotunde Ayodele moved the motion to adopt the Minutes of last Annual General Meeting and the motion was seconded by Mrs Funmilayo Oyemade.

Presentation of 2014 Annual Reports and Accounts by the Treasurer

The Treasurer, Mr. Onah Andrew A. greeted all the members and presented the 2014 Annual report with the following highlights:

. Operating profit of N1,213,970,627 was recorded in 2014 as compared with N1,048,763,736 in 2013 which means our revenue increased in 2014 . Despite the effect of economy down tone and Financial Charges in 2014 we have our Financial Charges as N691, 103,064. . Administrative Expenses which inclusive of Capital Expenditure is N1.1Billion . A surplus of N72,020,089 . Investment growth from N2,942,600,718 in 2013 to N3,498,184,587 in 2014 . Total Assets is N8,195,413,656 . Liability stood at N3.7Billion in 2014 as against N3.8Billion in 2013 . Members Savings stood at N7.2Billion in 2014 as against N7.3Billion in 2013 . Members Dividend decleared is N24,486,830 for 2014

Presentation of 2015 Budget by the Financial Secretary

The Financial Secretary, Mr H. A. Atsiangbe, presented the budget for 2015. The budget cut across two segments viz: Inflow and Outflow

 Inflow Actual of ₦7,509,062,575.98 was recorded in 2014 while the budget for 2015 is ₦10,192,403,878.94 given a variance ₦2,683,341,302.96  The Outflow Actual in 2014 was ₦2,765,931,889.86 while the budget for 2015 is ₦2,769,945,844.20 given a variance of ₦4,013,954.34  Net Surplus/Deficit of ₦4,742,130,686.12 as Actual in 2014 while the budget for 2015 is ₦12,962,349,723.15 with a variance of ₦2, 687,355,257.31

External Auditor Report by S.A. Bammeke & Co

The External Auditor gave the audited financial statement of the Society prepared in accordance with accounting policies. According to him, the Management Committee was responsible for the preparation of the Financial Statement which gave true and fair view of the state of affairs of the Society for 2014 year ending. The audit was conducted in accordance with the generally accepted audit standards.

In conclusion, the financial statement gave a true and fair view of the state of affairs of the Society as at December 31st 2014 and its Income and Expenditure and Statement of Cash Flow for the year ended on that date and complied with all the relevant Statement of Accounting Standards and requirement of Cooperative Society’s Law of Lagos State.

Adoption of 2014 Annual Accounts

The motion to adopt 2014 Annual Accounts was moved by Mr. Onabanjo Y. A, and was seconded by, Prince Adegbenro I. O.

Address by the GMD, NNPC

The GMD, NNPC was represented by Mr Chris Amadi of CHQ. On behalf of GMD, he congratulated the Management Committee and members for the success of the AGM.

Address by the Lagos State Director of Cooperative Services

The Lagos State Director of Cooperative Services was represented by Mrs. Adegbesan Olufunke who apologised for the absence of the Director taking into consideration the position of NNPC CMS Lagos in the State’s cooperative movement.

She praised the Management for the spirit of unity and cooperation among the members and the tenacity with which the Society was being run. She congratulated the entire membership and the Management Committee on the 2014 Milestones while urging for continuous cooperation of the members and prayed that the Society continue to grow higher.

Address by the President CFN

The President of CFN and Vice President ICA Africa, Engr. Jubrin Bala greeted all the members in attendance and said that Cooperative movement has something for everyone. He gave kudos to the President (Comrade J. A. Ojeyemi) and other members of the Management Committee for the Society’s contribution both locally and internationally with its membership both with CFN and ICA.

Address by President LASCOFED

Mr Oriyomi Ayeola, the President of LASCOFED appreciated the presence of the President CFN and Vice President ICA, Engr. Jubrin Bala. He congratulated the members for the AGM. Of utmost importance was his observation that the President CFN would be attending the General Meeting of a primary society for the first time which was remarkable. Also he commended the Society for its roles in the cooperative movement in Lagos State.

Address by NNPC RSA Representative

On behalf of Retired Staff Association, its National President, Barr. Amzat commended the Management Committee for its concerted efforts to take the society to higher level. He also congratulated the members and wished for higher performance in the coming years.

Presentations

A) Daylight Microfinance Bank - Princess Adeola Ilozobhie B) Fitness and You - Onyekachi Kalu C) Chinese Investors(Global Concept Ltd) - Linyubez D) Trevo Africa - Olatunde Ogunkoya E) First Bank Insurance - Collins Okoye

Award Winners & Status Two categories of award were given, namely; . Long Service Award for 10 Years ( Staff of NNPC CMS) -Mrs. Olaogun Adijat -Mrs. Maren Favour -Mrs. Adegoke Gloria

. Special Recognition Award (by President to the following Management Committee Members) -General Secretary – Pastor Kasali A. Akinade -Vice President – Mrs. Olalemi V. F.