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WABOTAN Cooperative Unveils N13.4m Asset Base in Maiden AGM.
WABOTAN Cooperative Unveils N13.4m Asset Base in Maiden AGM.
Lagos-based Wabotan Cooperative Multipurpose Society Ltd, declares N13.4 Million assets base as it charts growth path in first year of operations
The Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN), is the mother association that gave birth to Wabotan Cooperative Multipurpose Society Ltd. The cooperative society has disclosed impressive financial indicators in its first AGM, with assets totaling N13.4 million and income of N792,848.93.
The financial disclosures were made at the cooperative’s first Annual General Meeting held in Lagos at the weekend, marking a significant milestone for the young organization.
Speaking at the event, the Cooperative’s President, Chief Raymond Gold, traced the genesis of the society to his personal journey from Apapa to a waterfront community, where he discovered the immense potential within the water transport sector.
Chief Gold explained that his previous experience in establishing and leading similar cooperative ventures position him to champion the cooperative initiative from inception. “My relocation to a waterfront community opened my eyes to investment opportunities in water transportation. With my background in cooperative leadership, it became clear that I had a responsibility to create a platform that would serve our members and leave a lasting impact,” Gold stated. He added that he got the support of the national president of Wabotan when he suggested the cooperative to him and the cooperative was registered
The president acknowledged teething problems typical of startup organizations but expressed confidence in the cooperative’s ability to overcome them, citing strong support from its supervising authority, the Apapa Area Office of Cooperatives. He also mentioned the enormous support that the leadership of the cooperative has received from Comrade Babatope Fajemirokun, the National President of WABOTAN. He called on members of Wabotan Cooperative to demonstrate unwavering commitment as the society works to institutionalize robust systems for sustainability.
Mrs. Oluwatoyin Adeyemi, who represented the Area Officer, praised the cooperative’s first-year performance while highlighting areas requiring attention. She stressed the importance of executive cohesion, strict observance of cooperative guidelines, and operational discipline.
Adeyemi suggested that future meetings could incorporate virtual participation options to ensure inclusivity for members in distant locations. She also called for accelerated implementation of the society’s investment programs, particularly its boat acquisition project, which remains active.
Presenting the financial statement for the year ending December 2024, Financial Secretary James Olabode, standing in for the treasurer, revealed that the cooperative recorded total income of N792,848.93. The asset profile showed sole assets valued at N13,479,755.86 and joint assets worth N200,000,000, culminating in a combined asset base of N213,479,755.86—a remarkable achievement for a cooperative in its formative stage.
Olabode noted that while hard copies of the financial statements were unavailable at the AGM venue, electronic versions had been distributed to members beforehand, allowing them adequate time for review in line with transparency standards.
The maiden AGM signals a positive start for WABOTAN Cooperative as it positions itself to leverage on opportunities in Nigeria’s expanding inland waterways sector.