FUNAAB Staff Cooperative Society Records ₦108.24m Surplus at 39th AGM

The FUNAAB Staff Cooperative Multipurpose Society Limited, FUNAAB CMS Ltd., held its 39th Annual General Meeting, AGM, and presentation of Annual Accounts and Financial Statements for the year ended December 31, 2025, on Tuesday, July 1, 2026, 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 cooperative ideals, and urged them to remain united in advancing its objectives.  

Presenting the Management Committee’s report, Mr. Owoade said membership stood at 1,557 as of December 31, 2025. During the year, 45 new members joined, 49 exited due to retirement and resignation, while five members passed away.  

He reported steady financial growth over 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. He attributed the growth to prudent financial management, increased patronage, and diversification of income streams.  

On loan administration, the President disclosed that the Society disbursed loans worth over ₦1.02 billion between January and December 2025, up from ₦618.24 million in 2024. He added that emergency loans continued to be processed within 24 to 48 hours of application.  

Mr. Owoade further disclosed a net surplus of ₦108.24 million in 2025, compared with ₦94.45 million in 2024. Loan interest accounted for about 71 per cent of total profit, supported by prompt repayments and members’ loyalty.  

In recognition of the improved results, he announced a proposed Members’ Credit of ₦54.136 million for 2025, up from ₦47.226 million in 2024. Members’ credit was calculated at 0.056 per share, compared to 0.0515 per share in the previous year, with payments already processed for transfer to beneficiaries’ accounts.  

Members unanimously adopted the audited financial statements for 2025 and commended the Management Committee for transparency, prudent management, and sound leadership.  

Delivering the Vice-Chancellor’s goodwill message, the University Librarian, Prof. Abayomi Owolabi, congratulated the Committee and members on the successful AGM. He described the Society as a pillar of support within the University community and urged the leadership to sustain transparency, accountability, innovation, and integrity.  

The Director of Cooperative Services, Ogun State, Mr. Samuel Mustapha, represented by Deputy Director, Mr. Akeem Ogunjimi, also commended the Society’s financial growth and prudent resource management. He urged the leadership to consolidate gains and sustain the growth trajectory.  

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