A former President of the Federal University of Technology, Akure, FUTA, Staff Cooperative Multipurpose Society Limited, Mr. Samuel Ayodele, has advised Executive Committees (EXCO) of cooperative societies to be committed to its profitability and welfare of members.
He said that is the only way win the confidence of members and sustain the operations of cooperative societies.
Ayodele also counselled them to show transparency and probity in the running of the societies.
According to him, during his tenure between 2014 and 2019, his team in a single year declared a net-profit of over N40 million in 2019. Ayodele said it was a marked improvement over the N26 million recorded in the previous year.
He said his team was also able to raise the financial solvency of the Society.
“During that year under review the executive were able to save N20million in fixed deposit, after loans disbursement first of its kind since the establishment of society in 1986”.
He said the Society disbursed over N642 million as loan while members saving stood at N820Million as at the time.
Emphasizing that executive committees must always show commitment to the welfare of members, Ayodele said because the society always serve as a succor to members in times of need, loan requests should be treated with urgency, while approval should be given within 24 hours and disbursement made through e-payment.
On staff welfare, the former President said all staff of FUTACMS were promoted, while pension and gratuity account was opened for them with money lodged in, adding that three of the staff were given approval to attend training and workshop under his watch.
He recommended the same template for other cooperative societies in order to ensure the commitment of the administrative workers.
Ayodele said the then Vice-Chancellor, Professor, Adebiyi Daramola, described the Society under his watch as well managed organization which was always bringing financial succor to its members.
“A well-managed cooperative society is a pillar for its members and an anchor for a sustainable future” he added.
Ayodele also said the Ondo State Director of Cooperatives Mr. Braiye Williams said of the Society and his team, “FUTA cooperative stands out, considering what is obtainable in other Institutions Cooperative Societies I have visited.”
The former President said as part of efforts to serve members, students and the community at large and to generate income for the society, FUTA CMS under his leadership purchased a new Toyota Hiace Bus.
Ayodele said the purchase of the bus was a tangible and concrete manifestation of a bold idea, continuity in governance and cooperation per excellence coupled with prudent management of the common wealth of the society.
Mr. Ayodele stated that financing the vehicle project did not in any way affect the obligation of the society to its members in terms of loans disbursement and other commitments.
He said the purchase of the vehicle was described by the incumbent Vice-Chancellor, Professor Joseph Fuwape as an opportunity to celebrate partnerships as the government alone cannot provide for the socioeconomic well-being of people.
Ayodele said the crowning glory of his tenure was the commissioning of the Cooperative and Multipurpose Society (CMS) Secretariat Complex on the 18th July, 2017.
Mr. Ayodele stated that FUTA CMS LTD was formed in 1984 and was registered as a Cooperative Society in November, 1986.
The former President disclosed that the idea of having a befitting secretariat building was conceived by a past administration led by the then President, Dr. S. A. Anjorin and described its completion and commissioning as a celebration of a fulfilled dream and a tangible and concrete manifestation of a bold idea, continuity in governance and cooperation for excellence.
Ayodele advised that Cooperative Societies should also ensure they impact their operating environment.
He said during his tenure the Cooperative Society donated a unit of HP Desktop Computer to Salary & Wages Unit of the University Bursary Department along with other positive interventions like distribution of motor cycles, building materials and financing cars for members of the Society.
He said Investment Loan package platform was established for members aside the regular loans.
Ayodele advised that project execution by cooperative societies should not affect loan disbursement which he described as the primary responsibility of cooperative societies.
