LASU Cooperative Faces Financial Crisis
Chris Oyeoku Okafor 
The Lagos State University (LASU) Cooperative Society is currently grappling with a financial crisis, unable to fulfill its obligations to members due to a shortfall in funds.
This predicament follows a similar financial challenge experienced during the tenure of the immediate past Vice Chancellor, despite regular payment of staff salaries.
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The current crisis stems from the university management's failure to remit the deducted check-off dues owed to the Cooperative from members' salaries.
Reports indicate that the Cooperative has been unable to meet the requests of many members, resulting in concerns among staff members about their inability to access loans and other benefits.
A circular issued by the Cooperative's General Secretary confirmed the dire financial situation. The circular revealed that the Cooperative had not received any check-off dues from the university between October 2023 and December 2023. The last partial payment was received in September 2023, exacerbating the Cooperative's financial strain.
As a consequence, the Cooperative announced its inability to accommodate requests for normal loans, commodity loans, additional loans, and other significant financial services starting from January 9th, 2024. However, it assured members that soft loans, compassionate loans, and financial assistance for critical health issues would still be available, pending further notice.
The Management Committee (MANCO) of the Cooperative appealed for understanding during this challenging period, emphasizing their efforts to resolve the issue in collaboration with the university.
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The financial crisis facing the LASU Cooperative underscores the importance of effective financial management and timely remittance of dues to ensure the smooth operation of cooperative societies and the welfare of their members.
