The Federal University Oye Ekiti, FUOYE Cooperative Multipurpose Society has announced a net operating profit of over N21, 261, 888.10 revenue drive.
The announcement was made despite the handicap in steady revenue generation of non-deduction of members loans and savings by IPPIS.
In the 8th and 9th combined Annual General Meeting (AGM) held at the University Main Auditorium on Thursday, June 22, 2023, President of the Coop Society, Engr. Owoeye Alabi while Presenting the report of activities during his stewardship also disclosed that the society have started a housing Estate scheme which had started in 2019 before the advent of the global pandemic.
His words "the executive under my able leadership felt the society can rejig her finances through the housing project if properly harnessing within the provisions of the Federal Mortgage Housing Laws instead of continuously allowing the land to fallow while we collectively suffered"
"I am glad to inform you that all out collective efforts has yielded a resounding success adding that all the documentation and financial implications was done in the year 2021 under my able leadership " he added.
The President further said, " the current executive under the leadership of President Adegun has started the execution and today the estate is alive, housing springing up on daily basis "
Engr. Owoeye appreciated the land owners of Phase 1 who generously released their plots when the Federal Mortage insisted on using the portion as take off, adding that when completed the estates will boost the revenue of the society.
The President presented summary of his squad scorecard to include 200 plots for the approved Housing Estate at Ayegbaju Ekiti ,
"All the relevant document were properly done and paid for, including the court affidavit and approved by the respective agencies, this also includes documentation of Ado, Oye and Ikole lands respectively.
In his speech, The incumbent president of the Society, President Caleb Oluwole Adegun, ACA, welcomed all to the 8th and 9th Annual General Meeting, AGM of the great Society.
"It is of a special note to acknowledge and to deliberately appreciate all members both old and new for your great believe and commitment to the course of this Society.
"Despite various degree of challenges the society had encountered, your unflinching trust and unwavering faith remained steadfast"
"The Society experienced a major setback occasioned by the protracted industrial actions embarked upon by the University’s Labour Unions during the 2022 financial year.
"We lost up to eight months with no significant financial activities as a result of the “No work no pay” policy of the Federal Government of Nigeria and failure of IPPIS to implement our deductions adding that this principally affected our loan disbursement, commodity sales and many other financial activities of the Society"
Adegun, then, listed some of the operating challenges of his society saying, " Industrial action, IPPIS and economic situation of our country, the Society still made a lot fortunes and progress during the year under review.
These includes, Layout and Sales of Oye Land, Loan Disbursement, Activation of the Society’s Remita Platform, Supply of Food items during the Strike, Settlement of Ayegbaju Land Owners Grievances Decisive actions against Land Grabbers in Oye and Ado Land, Recovery of Funds from Ado Land.
"When we assumed office in January 2022, we engaged the services of bulldozer to make the layout roads for the 100 plots of land in Oye- Ekiti in order to activate cash sales to the willing buyers, adding that the action became necessary to secure the land and also to attract prospective buyers who are ready to pay cash price at the sum of N800,000 per plot at 5% agency fee to sales facilitator.
He further said that the approach has helped the society to sell 21 plots within a space of 2 months.
"However, our projected plans and targets became truncated as a result of the Labour Union Strike actions. Since the Cash Sales have been negatively affected, the Executive Committee took alternative approach to sell the land to willing members who are able to pay within 24 months instalments.
"During 2022 financial year, we realized a total sum of N17,610,000. This sum was entirely utilized for loan disbursement.
"We inherited a huge backlog loan requests from members to the tune of N150,000,000 when we resumed in January 2022. Proceeds from the sales of Oye land and our monthly deductions paid off all the loan requests within the first four months of our administration. Despite the unstable and epileptic IPPIS deductions for the Society, we ensured we met loan requests to a certain degree. We attended to emergency cases without any delay with the meager available funds.
"Due to the continuous failure of the IPPIS on our monthly deductions, it became imperative for my committee to seek for a reliable and practicable alternative means to recover the society funds without stress. As at today, we have fully registered FUOYE Staff Cooperative Multipurpose Society on REMITA platform. Members can now activate a REMITA standing order RRR in favour of this Society which will enable automated payment of saving, loan repayment and commodity payment from members salary account on predetermined dates. We have decided to use this provision for Commodity Sales and Normal Loan Disbursements. With this, we can completely face out the woes of IPPIS to the Society.
"My Executive Committee took bold step to supply food stuffs during the 2022 prolonged strike despite the fact that there was no funds to procure it during the "no work no pay" saga. We took it as a core duty of the society to find means to alleviate the suffering of our members during the strike. We went as far as Akure to convince vendors to supply food items worth the sum of N7,500,000 when the Society had no kobo. We leveraged on the combined reputation of the Society and respected members to convince the suppliers who willingly supplied those commodities.
"We were all kept abreast of the occurrences and fallouts that emanated from Ayegbaju Land Beneficiaries and Siting of the FUOYE GREEN CASTLE (The Housing Estate). The whole situations were issues that could not wholly be attributed to any of the parties involved.
He expressed gratitude to the University Management Team under the leadership of our amible vice-chancellor, Professor Abayomi Fasina who did everything within their power to resolve the matter
"Meanwhile, the Society paid compensation valued at the sum of ₦100,000.00 and re-allocated another plot of land to each of the Ayegbaju land beneficiaries. The total compensation paid amounts to a sum of ₦12,400,000.00
Different from the above accomplishments, the Society still moved on to actualize many other important duties to ensure that the society achieve projected targets of our administration
"The Housing Estate located at Isolo land off Oye-Ayegbaju Road is code named “FUOYE SCMS GREEN CASTLE”. The Estate contains approved 60 buildings (Batch A) 2 bedrooms, 3 bedrooms and 4 bedrooms detached building are being built on the land fully owned by this Society. The Building structures is being financed 100% under Federal Mortgage Bank of Nigeria’s Cooperative Housing Loan Scheme.
"The fund is scheduled to be released in four tranches to the Developer. We have constituted a Project Monitoring Committee ably led by Mr. Ojo Ademola of Works and Services Department.
"This committee has been very dedicated and we appreciate their efforts so far. The project had made significant progress. Some of the houses are now being roofed. Hopefully, those houses shall be occupied by respective subscribers before the end of December, 2023.
"As a means of improving our Society Revenue, we have floated a supermarket targeting University students and members of Staff. The details of the financial report of the Supermarket shall reflect in the 2023 AGM reports.
"Prompt disbursement of loan to our members is our key and core goal. IPPIS epileptic deduction has always been the major setback. Therefore, we are activating the alternative debt recovery techniques through the REMITA Standing Order provision. New loans shall be recovered through REMITA while existing loan facilities shall be transferred to REMITA gradually. Also, we are renewing our relationship with the Payroll Officers and IPPIS officers in Abuja in order to ensure better services for the benefits of the society.
Declaring the event open, the Vice Chancellor, Professor Abayomi Sunday Fasina represented by his lieutenant in charge of administration, Professor Tajudeen Bolanle Opoola applauded the leadership if the FUOYE Staff Cooperative Mutipirpise Scoirty, cMS for proper fund management and efficient administration
The Vice Chancellor further called on cooperative members to continue to make their own meaningful contributions and ideas towards the development of the Cooperative Society adding that, that would serve as guide for the executive in making popular decisions that would always promote the society and address the yearnings of members.
He however urged the Cooperators to further support the present Excos and be united
Speaking with Our correspondent , the financial secretary of the noble society, Mr. Ibuoye Ayokanmi raked the sum of N21,261,888.10 for the duo years of operations
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