FUNAAB Staff Cooperative Society Records ₦108.24 Million Surplus, Disburses Over ₦1 Billion in Loans

The FUNAAB Staff Cooperative Multipurpose Society Limited (FUNAAB CMS Ltd.) has reported continued financial growth, recording a net surplus of ₦108.24 million for the 2025 financial year and disbursing more than ₦1.02 billion in loans to members.

The figures were presented during the Society's 39th Annual General Meeting (AGM) and presentation of its Annual Accounts and Financial Statements for the year ended December 31, 2025. The meeting was held on July 1, 2026, at the Society's New Building Complex on the Federal University of Agriculture, Abeokuta (FUNAAB) campus.

Addressing members, the Society's President, Olufemi Owoade, thanked them for their continued support and commitment, urging them to remain united in advancing the objectives of the cooperative.

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

According to the report, the cooperative recorded consistent financial growth over the past four years, with income rising from ₦49.65 million in 2022 to ₦60.62 million in 2023, ₦94.45 million in 2024 and ₦108.24 million in 2025.

Owoade attributed the steady improvement to prudent financial management, increased patronage by members and the diversification of the Society's income sources.

He also revealed that the cooperative disbursed loans exceeding ₦1.02 billion between January and December 2025, a significant increase from the ₦618.24 million granted in 2024. He noted that emergency loan applications continued to be processed within 24 to 48 hours as part of the Society's commitment to efficient service delivery.

The President further stated that loan interest contributed about 71 per cent of the cooperative's total profit, while prompt loan repayments and members' loyalty also played key roles in the strong financial performance.

In view of the improved results, he announced a proposed Members' Credit of ₦54.136 million for the 2025 financial year, up from ₦47.226 million declared in 2024. He explained that members' credit was calculated at 0.056 per share, compared with 0.0515 per share in the previous year, adding that payments had already been processed for transfer to beneficiaries' accounts.

Members at the meeting unanimously adopted the audited financial statements for the 2025 financial year and commended the Management Committee for its transparency, prudent financial management and effective leadership.

Representing the Vice-Chancellor, University Librarian Professor Abayomi Owolabi congratulated the cooperative on the successful hosting of its AGM and praised its contributions to staff welfare and institutional development. He encouraged the leadership to sustain its commitment to transparency, accountability, innovation and integrity.

Also speaking, the Ogun State Director of Cooperative Services, Samuel Mustapha, who was represented by Deputy Director Akeem Ogunjimi, commended the Society for its impressive financial performance and responsible management of members' resources. He urged the leadership to consolidate on its achievements and sustain its growth trajectory.

The AGM also featured the presentation of gifts to retired members in recognition of their years of dedicated service and contributions to the growth and development of the cooperative.