Barely Thirteen months in office, the Executive of UNAAB Staff Cooperative Multipurpose Society Limited, Federal University of Agriculture, Abeokuta has laid the foundation of a Multipurpose Hall and realized a net surplus of 108,920,442.87 in the year under review (2018) as against N94.926.448.19 in year 2017.
The President, UNAAB CMS Ltd, Mr. Jonathan Fatokun disclosed this while presenting his Management Report of the 32nd Annual General Meeting of the Society held recently.
The President informed that based on the observation in the Auditor’s Report last year and recommendation, the Society at the Annual General Meeting (AGM) of August 29, 2018 increased shares per individual member from N5000.00 to N10,000.00 with effect from January 2019.
The Cooperative bigwig, in the area of investment also delivered a cheering news declaring that currently a total sum of N256,203,854.97 had been invested on Treasury Bills/Fixed Deposits in Zenith, FCMB and UNAAB Microfinance Banks.
Besides, the President disclosed that UNAAB CMS under his watch also recorded an increase in dividends after appropriation from N64,030.000.00 in 2017 to N68,700,000.00 in 2018.
Cooperator Fatokun further revealed that as at December 2018, the Society’s check off rose astronomically to N58,452,503.83.
According to him, within the year under review, a total sum of N165.2 million was disbursed as normal loan while a sum of N408 million was disbursed as long term/additional/special loans, adding that N44.5million was granted as asset loan, affirming that interest rates charged on Asset and normal loans remain 10% each while 15% is charged on Long Term/Emergency/Special Loan.
Mr. Fatokun stated that despite the boost in the capital base of the Society, it had challenges with its shares in companies, disclosing that investment in UNAAB/Leventis-Agro Allied, Bagco and Daar Communication Companies are moribund and are being gradually written off.
He said it was a sweet bitter story in the transport sector of the Society where out of her three (3) commercial vehicles, only one (the 6-seater Toyota Avensis Wagon) that has been generating fund effectively while others are performing below expectation due to old age and lack of patronage.
Beaming with smile again, the President who commended the Society staff for their forthrightness, dedication and commitment reeled out unprecedented welfare package that the current Exco had given to better their lots.
According to Mr. Fatokun, they are now registered members of the society and as such beneficiaries of loan facilities, National Health Insurance Scheme (NHIS) and also pensionable.
He said they also enjoy better salary package and job security than their counterparts.