FUTMINNA STAFF COOPERATIVE DECLARES N16.5M PROFIT • VC Task Cooperatives To Invest In Hostel Accommodation

This declaration was made during the 23rd Annual General Meeting (AGM) of the Cooperative held at the CPES Hall, Bosso Campus, Minna.

The profit represented a shortfall of N1,757,029.89 as against the N18,260,134.35 declared for the year ended 2016 at the last AGM.

Speaking further, the Treasurer of the Cooperative Society, Mal. Ahmed Isyaku commended members for investing in the Cooperative Society, adding that the Cooperative was well placed now to cater for their needs based on its robust financial base.

He disclosed that the total thrift savings of the Cooperative as at 2017 stood at N617,492,433.00, while the total cumulative outstanding balance stood at N468,364,447.69.

Speaking earlier, the President of the Cooperative Society, Mal. Mohammed Ashafa Aminu thanked members of the Cooperative Society for their well-documented support which had culminated in the success recorded by the new executives, saying that he was committed to the ideals and principles of his campaign promises during the last election.

The President stated that the Cooperative Society had introduced series of innovative drives aimed at effective service delivery for members, including the integration of information and communication technology in its operations in line with global best practices.

He informed members at the AGM that the present executives are working assiduously towards recouping all funds that are tied down due to lack of deduction and poor record keeping by the former executives.

“The Dama land case is still in the court and we have tried to settle out of court as advised by the former Vice-Chancellor, Prof. Musbau Akanji but the other family joined in the case are not willing to accept our offer. Let me assure you all that, we will do everything possible to recoup every penny spent on the land,” he disclosed.

In his address, the Vice-Chancellor of the University, Prof. Abdullahi Bala, fsssn, congratulated shareholders on the occasion of the AGM, adding that the event had further showed that the Cooperative Society is financially stable and healthy.

The Vice-Chancellor who was represented by the Deputy Vice-Chancellor (Administration), Prof. Emmanuel Udensi urged the various Cooperative Societies in the University to invest in hostel accommodation on campus in order to assist Management to address the problem of hostel accommodation for students.

He expressed satisfaction with the activities of the various Cooperative Societies on campus and urged them to continue to be transparent in their dealings as well as to protect members’ investment.

This is the first AGM to be organised by the Mal. Mohammed Ashafa Aminu-led executives after taking over the mantle of leadership during the last AGM.

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