Chinedu Okafor and Eleniola Bamidele, Ekiti
The Federal University Oye-Ekiti Cooperative Society ,FCMS, has announced a total dividend of N15.4million naira dividend for the 2019 and 2020 operating years
This was revealed at the combined Annual General Meeting of the society held on Thursday July 15, 2021 at the University Main Auditorium, Phase 1.
The Financial Secretary, of the society, Mr Adegun Caleb said, "Despite the scourge of COVID 19 that bedeviled the whole world last year, your cooperative society made a dividend of N5.7million naira for 2019 and N9.44million for 2020 totalling N15.4million naira for the two years of this report"
Declaring the event open, the Vice Chancellor of the university, Prof A.S Fasina who was represented by the Deputy Vice Chancellor (Academic), Professor Olusola Johnson Ojo said that, the management of Federal University Oye Ekiti( FUOYE) appreciated the present Executive Committee of the University's Multipurpose Cooperative Society (FMCS) over unprecedented strides recorded by the current leadership .
Professor Fasina expressed elation at the executive members' dogged stance in keeping afloat the cooperative society despite the recession that pervaded the world economy during the dreaded 2020 Corona Virus pandemic.
He reiterated that management was well pleased with the activities of the cooperative society and added that the Cooperative Society has played an important role in the life of the university and now can be referred to as the "citadel of welfare".
He noted that , "when the workforce is happy, people will deliver the best services in their capacities. The Entire management is with you and in support of what you are doing. We will continue to support you".
The Vice Chancellor further called on cooperative members to continue to make their own meaningful contributions and ideas towards the development of the Cooperative Society adding that, that would serve as guide for the executive in making popular decisions that would always promote the society and address the yearnings of members.
Further details of the accounting report presented by Financial Secretary, Mr Adegun Caleb, shows that Gross Earnings for 2019 was N18,225,475.67 million naira which later dropped by about half to N9,895,453.81in 2020 due to the COVID 19 scourge.
But that drop was not enough to stem the pattern of profit as the Cooperative still made a profit of N5.9million in 2020, the year of the epidermic.
The President of the Cooperative Society, Engr. Owoeye Adebayo in his address, disclosed that the society under his able leadership has graciously gave out special car and housing palliative loans to numerous members who applied for it during the financial year adding that the normal loan disbursement has helped members to build personal buildings and buy cars to live more comfortable lives.
Speaking further, Engr. Owoeye presented summary of his team scorecard to include Federal Mortgage Housing Scheme ". He explained that the society was approached through a consultant who explained the need for FUOYE CMS LTD to access the revolving housing scheme funds for our members.
The representatives of the society and the consultant has met severally on the proposed project which will house five hundred housing unit adding that the architectural design and plan of the proposed project has been done together with the application for the Certificate of Occupancy (C of O) at Oye and Ayegbaju areas of Ekiti.
Furthermore , he added, " despite all the financial incapacitation of the society arising from the IPPIS and members refusal to pay their long overdue loans, the society still find it essential to meet members requests on the supply of electronic gadgets, phones, food stuff etc more than any other group on campus.
Continuing," he added, for phone supply alone, the society pays between N2.5 million to N3 million monthly while for electronics, rice and others take more. The essence is to cushion the adverse effects of COVID-19 austerity which has put the economy in a two- digit inflation "
He expressed his profound gratitude to the Vice Chancellor, Prof Abayomi Sunday Fasina, the entire management team of the institution and to the Director, Cooperative Services, Ekiti State and his co staff for their support and presence at the annual general meeting.
Also speaking at the AGM, the University Acting Registrar, Mr. Ibrahim Mufutau expressed confidence in the leadership of the Cooperative Society for their abilities to navigate the Society to the path of growth despite the COVID 19 pandemic.
He promised to make the doors of his office widely opened to members of the Cooperative who have ideas to the Management on how to further uplift the society.
Mr Ibrahim also enjoined the general members to participate more in the activities of the society.
The Acting Registrar, who spoke through the Head of Personnel Affair Unit in the Registry, Mr Sunday Akinkunmi, also advised the Executive of the Society not to be satisfied with the little they have achieved but to continuously chart greater growth path.
Chinedu Okafor and Bamidele Eleniola are Information Officers at the Directorate of Corporate Information Services of Federal University Oye Ekiti
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