Last Updated on July 8, 2025 by Olasunkanmi Olajide
… Declares ₦94.4M Net Surplus for 2024
By Emeka Oluka & Olaoye Oyewole
The UNAAB Staff Cooperative Multipurpose Society (CMS) has recorded a remarkable financial milestone, declaring a net surplus of ₦94,453,602.61 for the 2024 financial year, a significant leap from the ₦60,617,839.15 recorded in 2023.
This announcement was made by the President of the Society, Mr. Olufemi Owoade, during the 38th Annual General Meeting (AGM) of the Society, held on July 2, 2025.
Presenting his management report, Mr. Owoade expressed appreciation to the University Management for its continuous support and highlighted key achievements of the Society in the year under review.
Delivering the Vice-Chancellor’s Goodwill Message, Prof. Babatunde Kehinde, who was represented by the Director, Agricultural Media Resources and Extension Centre (AMREC), Prof. Jacob Olaoye, commended the Executive Committee and members for their commitment and performance. He described cooperatives as powerful tools for social and economic empowerment and encouraged the leadership to uphold the principles of transparency, accountability, and innovation.
The Vice-Chancellor further urged the Cooperative to consider investing in member-focused initiatives such as entrepreneurship development, housing schemes, health insurance, and business incubation programmes to enhance members’ welfare and secure long-term sustainability.
Goodwill Messages were also delivered by stakeholders including representatives from the Ogun State Cooperative Service and the Ogun State Cooperative Federation Ltd. (OGSCOFED), including other sister cooperatives, who commended UNAAB CMS for its consistent growth and urged members to continue supporting the leadership.
Highlights of the AGM included the presentation of gifts to retired members and the presentation of Certificates of Return to newly elected Executive and Committee members.
