NIMN records N43m net surplus in 2020
By Felicia Nwosu
The National Institute of Marketing of Nigeria has held it’s 11th Annual General Meeting,(AGM), where it presented it’s financial statements for the year ended December 2020, showing a net surplus of N43m.
The AGM which held at Radisson Blu, Ikeja Lagos, was well attended by financial members of the Institute.
Report of the Institute’s 2020 audited financial statements, revealed that the Institute was able to generate a net income surplus of N43m in 2020 when compared with that of 2019 which was N13m, an increase of N30m or about 230.8% over the previous year.
From the detailed analysis of income and expenses head, the net effect resulted in a net surplus of N43m which reduced the negative accumulated fund balance brought forward from N43.8m to N0.178m.
Outgoing President of the Institute, Anthony Agenmonmen, during his valedictory speech disclosed that, this achievement was possible because the Council had to manage the reduced revenue in order to cope with the overall challenges of the pandemic.
He said:”We had to creatively manage our expenses, which resulted in a significant drop in expenditure from N 116.4 million in 2019 compared to N71.9 million, which resulted in a positive impact on surplus funds.
The AGM also witnessed a transitional change of baton with the emergence of the former First Vice-president of the Institute, Mr. Idorenyen Enang, as the President of Council as the out-going President and Chairman, Tony Agenmonmen bowed out, having completed his four-year tenure.
in his acceptance speech, the new president promised to run an inclusive administration and ensure that marketers see the Institute as a home
In his words: “As an Institute, we are open to support the agenda of making the Nigeria dream come alive by supporting every fabric of the society especially the SMEs.”
RECOMMENDED ARTICLES
Comment
No comments found.