UNAAB Staff Cooperative Society Holds 39th AGM

By Femi Dansu

The UNAAB Staff Cooperative Multipurpose Society Limited (UNAAB CMS Ltd.) on July 1, 2026, held its 39th Annual General Meeting (AGM) and presentation of the Annual Accounts and Financial Statements for the year ended December 31, 2025, at the Society’s New Building Complex, on campus.

In his Welcome Address, the President of the Society, Mr. Olufemi Owoade, appreciated members for their support and commitment to the ideals of the Cooperative, urging them to remain united in advancing its objectives.

Presenting the Management Committee’s report, Mr. Owoade disclosed that the Society’s membership stood at 1,557 as of December 31, 2025. During the period under review, 45 new members joined the Society, while 49 members exited due to retirement and resignation. He also announced that five members passed away during the year.

The President reported remarkable financial growth over the past four years, with income increasing from ₦49.65 million in 2022 to ₦60.62 million in 2023, ₦94.45 million in 2024 and ₦108.24 million in 2025. He attributed the steady growth to prudent financial management, increased patronage by members and the diversification of the Society’s income streams.

Speaking on loan administration, Mr. Owoade revealed that the Society disbursed loans worth over ₦1.02 billion between January and December 2025, representing a significant increase from the ₦618.24 million disbursed in 2024. He reaffirmed the Society’s commitment to efficient service delivery, noting that emergency loans continued to be processed within 24 to 48 hours after application.

He further disclosed that the Society recorded a net surplus of ₦108.24 million in 2025, compared with ₦94.45 million in the previous year. According to him, loan interest accounted for about 71 per cent of the total profit, while prompt loan repayment and members’ loyalty also contributed significantly to the impressive performance.

In recognition of the improved financial results, the President announced a proposed Members’ Credit of ₦54.136 million for the 2025 financial year, representing an increase over the ₦47.226 million declared in 2024. He explained that members’ credit was calculated at 0.056 per share, compared to 0.0515 per share in the previous year, adding that payments had been processed for transfer into beneficiaries’ accounts.

Following deliberations, members unanimously adopted the audited financial statements for the 2025 financial year and commended the Management Committee for its prudent financial management, transparency and sound leadership.

Delivering the Vice-Chancellor’s Goodwill Message, the University Librarian, Prof. Abayomi Owolabi, congratulated the Management Committee and members on the successful hosting of the AGM. He commended the Society for its immense contributions to staff welfare and institutional development, describing it as a pillar of support within the University Community. He also encouraged the leadership to sustain the values of transparency, accountability, innovation and integrity.

Similarly, the Director of Cooperative Services, Ogun State, Mr. Samuel Mustapha, represented by the Deputy Director, Mr. Akeem Ogunjimi, lauded the Society for its impressive financial growth and prudent management of members’ resources. He urged the leadership to consolidate on its achievements and sustain the Society’s remarkable growth trajectory.

A major highlight of the AGM was the presentation of gifts to retired members of the Society in appreciation of their dedicated service and invaluable contributions to its growth and development.

All communications with this email account are bound by the policies and laws of the Federal University of Agriculture, Abeokuta. Kindly go to the http://www.unaab.edu.ng/policy to view details