The Water Transporters Association of Nigeria (WABOTAN) Cooperative Multipurpose Society has posted a surplus of ₦340,755 and declared assets worth ₦13.4 million in its first full-year financial report.
The figures were presented during the cooperative’s maiden Annual General Meeting (AGM) held over the weekend in Lagos.
In his welcome address, President of the Cooperative, Chief Raymond Gold, reflected on the cooperative’s journey and his personal role in its formation. He recounted how relocation from Apapa to the waterfront community introduced him to opportunities in the water transport sector, eventually leading to the establishment of the WABOTAN Cooperative. He noted that his previous leadership experience in other cooperatives made him a natural fit to steer the new society in its foundational stage.
Gold acknowledged that, like any pioneering effort, there had been challenges, but maintained that the cooperative was overcoming them with the support of its supervising area office. He urged members to remain committed as the society continued to solidify its structures and build a legacy for future leaders.
“I can proudly say, with all humility, that I am the founder of WABOTAN Cooperative Multipurpose Society. Having had similar leadership experience in other cooperatives I co-founded, the responsibility naturally fell on my shoulders. Our duty is to put structures in place and build a legacy for those coming after us.” Chief Gold noted.
Representing the Lagos State Director of Cooperatives, Mrs. Oluwatoyin Adeyemi commended the cooperative for making progress in its first year but emphasised the need for discipline, improved coordination among executives, and stronger adherence to cooperative principles.
She encouraged the leadership to strengthen teamwork, ensure timely meetings, and consider hybrid or virtual formats for future AGMs to accommodate members living far away. Adeyemi also urged the society to intensify efforts on its investment initiatives, particularly the boat project which was noted to still be operational.
Financial Secretary, James Olabode, who represented the treasurer, presented the financial summary for the year ended December 2024. According to him, the cooperative generated a total income of ₦792,848.93 during the period under review, leaving the society with a surplus of ₦340,755.86 after expenses. He also disclosed that the cooperative’s current assets stood at ₦13,479,755.86, reflecting a stable financial footing for a society still in its early development stage.
Olabode explained that although printed copies of the financial report were not circulated at the AGM, members had already received electronic copies and were encouraged to study them carefully to ensure transparency and accountability.
