Federal University Otuoke has received another milestone as its FUO Staff Multipurpose Cooperative Society is adjudged one of the best cooperative societies in Bayelsa State.
The Director of Co-operatives in Bayelsa State Barr. Fred Sese representative of Chief Joseph Alla the Director General of Co-Operatives and chairman of the AGM disclosed this at the 3rd Annual General Meeting of the c-operative held on 22nd June 2016 at the conference hall of the Skills Acquisition Centre Otuoke.
Barr. Sese expressed satisfaction with the management team who have been piloting the affairs of the 3 year old cooperative. “I want to commend your efforts and urge you to keep the good work, so far you have been upholding the major pillars of the society which are transparency and honesty” he said.
The co-operative posted a remarkable performance in all indices such as membership growth of 766 against 383 of the previous year, share capital improvement from ₦8, 010, 000 to ₦21, 522, 000, thrift contribution of ₦80, 878, 939 as against ₦52, 351, 660 of 2014 and most importantly net surplus of ₦18, 022, 760.97 as against ₦8, 756, 525.12 of 2014.
The financial report reflected a growth of 105.9 percent which was widely commended by members at the 3rd Annual General Meeting.
President of the society Mr. Kenneth Sonrandein during his remarks thanked members for their support and contributions noting that without them the records achieved would not be attainable.
The president further called on all stakeholders to ensure that the 2016 financial report makes a higher statistical progress.
Earlier the Vice Chancellor Prof. Seth Accra-Jaja represented by the Dean, Faculty of Sciences, Prof. Charles Negbenebor felicitated with the co-operative on the occasion of their 3rd AGM thanking management for providing the enabling environment.
Prof. Accra-Jaja noted that the Co-operative is very important to FUO because it is a platform that unites staff from different units of the University community thereby ensuring oneness, and a cordial existence.
The Vice Chancellor concluded by wishing the society fruitful and peaceful deliberations, which are necessary to be advancement of the society.