The La Area Head and Executive Council member of The Church of Pentecost, Apostle Dr Dieudonne Komla Nuekpe, has commended the Board Members of the La Area Pentecost Co-operative Mutual Support and Social Services Limited (LA-PENCO) for declaring a 20% dividend on membership shares.
He made these remarks during LA-PENCO’s Annual General Meeting, held recently at the Dr Thomas Wyatt Temple in Accra New Town. The meeting brought together stakeholders to receive reports from the President and Directors, adopt the Society’s financial statements for the year ending December 31, 2024, review the Auditor’s report, and authorise transfers to reserves.
Apostle Dr Nuekpe praised the Board for their transparency and accountability, noting that not all cooperatives or companies are able to provide such clear financial reports or declare dividends, ‘I am proud to say that LA-PENCO remains strong and continues to thrive due to the excellent leadership of its Board Members.’
Quoting 1 Corinthians 8:20–21, he indicated that, like Apostle Paul, believers are called to glorify God in every aspect of their lives. He encouraged the leadership to continue their good work and pledged his unwavering support.
In his address to shareholders, the President of LA-PENCO, Elder Prof. Raymond Dziwornu, reflected on the Society’s journey since its inception in 2014, when it recorded a deficit of GHS 3,000.00. For the 2024 financial year, the Society reported an income of GH¢1,803,713.14 against an expenditure of GH¢1,171,284.31, resulting in a pre-tax operational surplus of GH¢632,428.83. Membership also grew by 6.67%, from 5,235 in 2023 to 5,584 by the end of 2024.
Elder Prof. Dziwornu outlined the Society’s goals for the current year, including increasing total assets to GH¢12,000,000.00, boosting customer deposits by 15% through education and awareness campaigns across all assemblies, and enhancing the capacity of Local Representatives and Coordinators through targeted training programmes.
He expressed heartfelt gratitude to Apostle Dr Nuekpe, the church leadership, and the pastorate for their prayers, guidance, and support. He also acknowledged the dedication of the Board, Management, Committee Members, Staff, the immediate past Fund Manager, District Coordinators, and Local Representatives for their tireless efforts in advancing LA-PENCO’s mission.
Board Member Deaconess Dr Cynthia Addoquaye Tagoe officially announced the 20% dividend, which was unanimously approved by shareholders.
The Society also recognised outstanding contributions from its members. The top three Local Representatives—Madam Angelina Adade, Madam Charlotte Asiedu, and Mr Samuel Edusie Poku—were honoured for their exceptional service.
Mr John Okletey Teye and Madam Naana Sefa received cash prizes and citations as the most loyal male and female customers, respectively.
The event was attended by officials from the Department of Co-operatives and PENCO APEX.
Report by La Area Media Team
