By Emeka Oluka

The UNAAB Staff Cooperative Multipurpose Limited, today, June 6, 2024, held its 37th Annual General Meeting (AGM) to declare its Annual Accounts and Financial Statement for the year ended December 31, 2023.

Addressing the Cooperators while presenting the Management Report of the Society, the President, Mr. Olufemi Owoade appreciated members for their understanding and tenacity over the years.

He disclosed that the year under review, 2023 was a challenging one due to the removal of petrol subsidy, which brought about reduction in purchasing powers of members thereby lowering loan accessibility of cooperators.

Mr. Owoade added that the non-remittance of part of the Cooperative deductions by the Integrated Personnel and Payroll Information System (IPPIS) was another challenge the Society had to grapple with.

He noted that the aftermath of the above resulted in the Cooperative Society having huge debt to recover from members on loans granted and food items purchased.

Mr. Owoade appealed to members whose deductions were not effected by IPPIS to display trustworthiness by faithfully and voluntarily making their payments into the Society’s accounts for the months IPPIS failed to make the deduction from their salaries.

The President, however, gave rays of hope to members stating that despite the challenges mentioned above, the Society during the year under review made a net surplus of 60,617,839.15, as against the sum of 49,653,162.59 in 2022.

It was also disclosed that members credit for the year under review was calculated at 3.5% per share as against 3.06% declared in 2022.

The AGM climaxed with the appreciation of staff members who retired during the year under review.