IAUE Cooperative Records N90 Million Shareholders’ Capital Amid Economic Downturn
The Ignatius Ajuru University of Education Cooperative Investment and Credit Society recorded a N90 million shareholders’ capital, with a 2.6 % increase, despite the economic challenges that hit the country early this year.
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The Ignatius Ajuru University of Education Cooperative Investment and Credit Society recorded a N90 million shareholders’ capital, with a 2.6 % increase, despite the economic challenges that hit the country early this year.
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The chairman, Professor Boma Obi, disclosed this at the 6th Annual General Meeting (AGM) of the cooperative society held on Thursday, December 14, 2023, at the senior staff club.
Prof. Obi revealed that the cooperative recorded an operating profit of N26 million in the year ended October 31, 2023, against N30 million last year.
She blamed the fall in profit on the cash squeeze that preceded the general election, which led to a fall in purchasing power, a rise in the cost of living and other fallouts of the fuel subsidy removal which the body grappled with.
However, with a hopeful recovery of the nation’s economy within the first quarter of next year, the chairman assured an upturn in the profit, hinting that it is the board’s policy to return a larger part of the profits as cash dividends at the end of each business year.
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The chairman explained that seven members of the body died within the period under review with N700,000 paid to each of the deceased family under its Group Life Assurance Cover, at a premium of N8,000 per member, totalling N3.5 million that was settled by the insurer.
To improve debt recovery, Prof. Obi informed the investors of a new policy of deductions from the salaries of guarantors of non-performing debtors and reminded guarantors of the need to constantly check on how committed those they stand as sureties to pay back their loans.
She applauded the institution’s Vice-Chancellor, Professor Okechuku Onuchuku, for providing a good environment for the cooperative to thrive, describing his support as part of the success story.
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Earlier, the chairman of the AGM planning committee, Dr. Ineme-Awaji Okitumu, while appreciating the cooperators’ commitment, assured better days ahead and wished everyone well.
Similarly, the chairman of the Board of Trustees (BoT), Dr. Charley Igwe, reminded the members that the cooperative is an avenue to save for their future.
He expressed happiness that what started small in 2017 is making remarkable growth and contributing to the well-being of its members, as he commended the BoT and enjoined all to sustain the growth of the society.
