COSON approves 40 million naira as specific distribution to members
At the 9th Annual General Meeting of Copyright Society of Nigeria (COSON), which held at Lagos Sheraton Hotel, Ikeja, on May 20, 2019, the members approved the sum of =N=40,000,000.00 (Forty Million Naira) as recommended by the Management Board to be set out as specific distribution to qualified members of the society. The distribution is in addition to the sum of =N=81,520,000.00 (Eighty-One Million, Five Hundred and Twenty Thousand Naira) being currently paid out to members as General distribution in accordance with the approval of the December 2018 COSON EGM.
Addressing the members, COSON Chairman, Chief Tony Okoroji said, “You will recall that in December of 2018, at our Extra-Ordinary General Meeting, you approved the distribution of the sum of =N=81,520,000.00 (Eighty-One Million, Five Hundred and Twenty Thousand Naira) proposed by the Board, as General Distribution. I wish to report that a significant percentage of members have received their royalties in accordance with the decision approved by you. There might be some members who due to inadequate documentation or the change in our distribution platform occasioned by the wicked freezing of our bank accounts, who are yet to receive the royalties. It is my hope that we will get proper update from the states at this AGM so as to make sure that everyone gets what they are entitled to.”
“If you approve the recommendation of the Board for a further sum of Forty Million Naira to be distributed as Specific Royalty, I believe that Management will take the necessary steps to ensure that the distribution is activated without delay.”
The recommendation for specific distribution received unanimous consent as the members commended the leadership.