UNILORIN Staff Cooperative records surplus; introduces electronic scheme
By Isaac Lewu
The President of the UNILORIN Staff Multipurpose Cooperative Union Limited, Mr Alabi Toyin Muhammed, has disclosed that the Union recorded a financial surplus of ₦11.6 million for the 2024 financial year, reflecting an increase of about ₦10 million over the preceding year.
He said this last Wednesday (March 11, 2026) during the Ordinary General Meeting (OGM) of the Union held at the Main Hall of the Union Secretariat.
Mr Muhammed explained that the Union generated a total income of ₦27.4 million within the period under review, while expenditure stood at ₦15.7 million, resulting in the surplus.
He noted that the Union had continued to make steady financial progress since the current Executive Committee assumed office in 2022, when a bank balance of about ₦1.2 million was handed over to the administration.
He, however, apologised to members for the delayed presentation of the financial accounts for the 2023 and 2024 financial years, assuring members that the Executive Committee remained committed to transparency and accountability in the management of the affairs of the Union.
The President also said that as part of efforts to enhance members’ welfare, the Union also introduced a new initiative that allows staff members to purchase electronic appliances, phones, laptops and mattresses through the cooperative on flexible payment terms. Under the arrangement, members can obtain various electronic items and spread the payment over a six-month period.
Mr Muhammed explained that for items valued above ₦500,000, beneficiaries would be required to make an initial payment of ₦200,000, while the outstanding balance would be spread across the six-month repayment period. He noted that the initiative was introduced to revive the electronics scheme within the Cooperative and provide members with easier access to essential household appliances, .
The President encouraged members to continue supporting the Union’s programmes and initiatives, emphasising that the steady financial growth recorded by the Cooperative was a product of collective commitment and responsible management.
He assured members that the Executive Committee would continue to introduce innovative welfare programmes aimed at improving the overall wellbeing of staff members of the University.
In her address, the Kwara State Commissioner for Commerce and Industry, Mrs Damola Yusuf, who was represented by Pastor Kayode Abolarin, commended the leadership of the UNILORIN Staff Multipurpose Cooperative Union Limited for the transparency demonstrated at the presentation of its Annual Accounts and Financial Statement for the year ended 31st December, 2024.
She noted that the Union had performed excellently well over the years and encouraged members to remain committed to strengthening their cooperative societies through prudent management and meaningful investments that would guarantee sustainable growth for members.
The Commissioner also advised coorperative societies that are yet to develop strong investment culture to emulate the example of others that have successfully invested in hostels and treasury bills.
She urged members to revive inactive societies and ensure that all requests and developmental ideas are properly channelled through the Union so that they can be communicated effectively to all member societies. According to her, proper management of the Union’s affairs and collective decision-making would further enhance the prosperity of both the Union and its affiliated societies.
Delivering the vote of thanks the Chairman of the Senior Staff Association of Nigerian Universities (SSANU) Savings and Loans, Mr Abiodun Lawal, who was represented by the Secretary of the Cooperative Committee, Mr Is-haq Abiodun Abdulsalam, expressed appreciation to the Union President, the Treasurer, the Secretary and all members for their dedication and commitment to the progress of the Cooperative Union.
He also thanked participants for their presence and contributions, noting that the continued support of members remains vital to the sustained growth and success of the Union.
Present at the event were the Vice President, Dr Aboyeji Oyefunke, the Secretary, Mr Ayinla Isiaka Omotosho, the Treasurer, Mr Bello Samson Oladapo, and other officers of the Union. The meeting was well attended by representatives of all the Multipurpose Cooperative Societies in the University.
