The President, ASUU-FUNAAB Multi-purpose Cooperative Society, Prof. Babatunde Kehinde delivering his address, while Prof. Christian Ikeobi (right) and Prof. (Mrs.) Bola Akeredolu-Ale watch.

The Academic Staff Union of Nigerian Universities (ASUU), Federal University of Agriculture, Abeokuta (FUNAAB) Multi-purpose Cooperative Society has held its 6th Annual General Meeting, as it declared a net profit of N4.95m.

In his address, President, ASUU-FUNAAB Multi-purpose Cooperative Society, Prof. Babatunde Kehinde thanked ASUU co-operators for their faith and support in the past years, urging them to be firm in their poise, to move the Society forward.

The Director, Ogun State Cooperative Services, represented by Mr. Oyenekan Oyebola of the Ministry of Commerce and Cooperatives, thanked the Executive members for their honesty and prudence in handling the ASUU-FUNAAB Cooperative Society.

Mr. Oyenekan charged ASUU co-operators to continue to move the Society forward as he cautioned members to desist from taking bank loans which he said could ‘choke’ the individual, due to the exorbitant bank’s interest rate.

Presenting the Society’s statement of account and statistics for the 2010/2011 Year, the Treasurer, Dr. Olukayode Akinyemi, represented by the Financial Secretary, Dr. A. A. Osipitan stated that the Association posted a net surplus of N4,956,912.81 for the 2010/2011 fiscal year, which is a leap over the N2,000,000.00, for last year.

Dr. Osipitan added that the body had a savings balance of N72, 235,094.84, as at 31st March, 2011 and share balance of N1, 868,000.00.

Top on the agenda of the AGM was the debate on how to diversify funds into other business ventures that can generate more profit for the ASUU cooperatives rather than banking on fixed deposits.