In order to double share capital and increase availability of total funds for use by staff, Vice Chancellor Federal University Otuoke, Prof. Mobolaji Aluko has registered the Institution as a member and an account holder in the “Federal University Otuoke Staff Multipurpose Cooperative Society Limited”.
Prof. Aluko secured the spot at the first Annual General Meeting (AGM) of the Federal University Otuoke Staff Multipurpose Cooperative Society Limited, Wednesday 25th June 2014 at the University.
The University boss who commended the initiative said he and the Registrar, Mr. David Suowari, are eager to join the University cooperative.
Reiterating his determination to build an institution that cares for its staff the VC reeled at efforts made so far by the cooperative to secure accommodation for staff at a subsidized rate.
In his address the President of FUO staff multipurpose cooperative society, Mr. Kenneth Sonrandein stated that membership of the cooperative is open to members of staff of the University.
According to Mr. Sonrandein, the cooperative makes profit by granting loans to members at 10% per annum and is presently working out modalities to begin a staff accommodation loan, emergency loan and salary advance.
The President who said the University cooperative has registered with Bayelsa State Ministry of Commerce pointed out that about 83 members have advanced loans to either ease accommodation problems or set up businesses.
Director General, Bureau for Cooperative Society Bayelsa State, Chief J.E Alah commended FUO staff for networking to form a cooperative society noting that it will help imbibe a savings culture.
He however urged them to take advantage of opportunities the cooperative will create while soliciting for cooperation for the success of the cooperative society.
In an interactive session, members of the cooperative used the forum to clear grey areas with the leadership of the cooperative society while clarification was given.
The event also featured: management committee report, presentation of Annual account for year 2013, and election of officers into vacant positions.
Those who were at the Inaugural AGM include; the Registrar, Mr. David Suowari, the Bursar, Atonbara Ombu and Dean Faculty of Science, Prof. Bio Nyananyo. Others were the Director of Cooperatives, Bureau for Cooperatives Development Bayelsa State, John Sikpi and the Deputy Director in the Bureau, Jim-Ogbolo Overseer, among others.