Mr. Fatokun Emerges FUNAAB CMS President

Mr. Olusola Fatokun of the University Library has emerged the President of FUNAAB Staff Co-operative Multipurpose Society Limited (CMS).

Mr. Fatokun’s emergence came on the heels of his victory at CMS election.  Also elected are Mr. Oladapo Oluwatudimu (Vice President); Mr. Daniel Odegbami (Secretary); Mrs. Margret Omisope (Treasurer) who was returned unopposed; and the quartet of Mr. Olufemi Owoade; Mrs. Abosede Adeoye; Mr. Sunday Adegbola, and Mrs. Abimbola Omotosho (Committee Members).

The entire University environment has since been agog with congratulatory messages, buzzing through various platforms of social media for and on behalf of the winners.

Meanwhile, Cooperators of FUNAAB Staff Cooperative Multipurpose Society Limited have been rewarded with dividend worth 9.3% of their total contribution in the Society during the 31st Annual General Meeting.

According to the out-going President, Mr. Kamarudeen Adedo, the members of the Cooperative have continued to increase since he became the President.

He noted that, “the membership as at August 2016 when I assumed office was 1,431, that month, it rose to 1,467.  As at December 2017, the membership had increased to 1,505.

The out gone President further disclosed that “the check-off as at August 2016 was N48 million every month, at the end of December, 2016 the check off rose to N52 million per month.  As at the end of December 2017 our monthly check-off had risen to N58,420,735 per month”.

Mr. Adedo further informed that the 2017 accounting year was very good as the society recorded improved gross and net surplus, saying that in December 2016, the gross surplus was N68,000,000.00 while the net surplus was N58,000,000.00 and the dividends declared was 40,000,000.00.  He noted that in December 2017, the gross surplus was N111,738,327.52 with the net surplus of N94,926,447.19.  He observed that despite the set-back the Society experienced in November and December 2017, the Society still declared a whooping dividend of N64,030,000.00  after the appropriation on equivalent of about 9.3%.

Earlier, the Vice-Chancellor, Professor Kolawole Salako commended the outgoing President and his team for their hardwork and dedication in taking care of the members savings under his leadership.  He appreciated their cooperation and understanding which according to him has ensured the sustenance of the Society.

The President, Ogun State Cooperative Federation (OGSCOFED), Alhaji Ola Balogun, the President, Ogun State Salary Earners Co-operative Union, Mr. Anthony Odeyinka also sent in their Goodwill Messages to congratulate the Society on its 31st AGM.

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