By Anthony Ogabor
The Elizade University Staff Cooperative and Multipurpose Society has declared a total of ₦8.6 million dividend to its members for the 2024 financial year. The cooperative also reported a net surplus of ₦14.4 million, marking a 55.85% increase in dividends compared to the ₦5.5 million distributed in 2023.
The announcement was made by Dr. Sunday Ogbiede, the society’s President, during the 2024 Annual General Meeting (AGM) held in Ilara-Mokin, Ondo State. In his financial report, Dr. Ogbiede attributed the growth to improved financial management, strategic loan accessibility, and enhanced cooperative services.
“Despite economic challenges, we ensured that our financial support systems remained strong, allowing us to record significant growth in surplus and dividends,” he said.
Mr. Samuel Ujah, Financial Secretary further emphasized that the ₦8.6 million allocated for dividends was a testament to the cooperative’s commitment to improving members’ financial well-being. The announcement was met with applause from attendees, who welcomed the increase in financial returns.
A major highlight of the AGM was the launch of the Elizade University Stock Shop, an initiative aimed at improving cooperative services. The shop is equipped with CCTV surveillance to enhance transparency and accountability in financial transactions.
During the event, Dr. Ogbiede also announced new strategic banking partnerships with deposit money banks offering lower interest rates. This move, he explained, would make loans more affordable and accessible for members. Additionally, the cooperative has set a target to increase its membership to 400, ensuring more university staff can benefit from its services.
The AGM drew praise from the Ondo State Director of the Ministry of Cooperative Society, who commended the organization for its efforts in promoting financial stability and staff welfare.
The event ended with a Q&A session, distribution of AGM gift items, and closing remarks from key officials.
