University of Ilorin Probitas Multipurpose Co-operative Society Limited has declared a gross surplus of N16.7million in the year 2014 as against N16.0 million in the previous year.
The President of the Society, Mr. Toyin Alabi disclosed this yesterday at the Ordinary General Meeting, OGM of the Society held at the University auditorium basement.
He said that the share capital of the cooperative society also grew from N14.5 million in 2013 to N18.7million at the close of 2014.
Alabi said: “During the year under review, the Society posted an encouraging operating result with a gross surplus of N16.7million in 2014 as against N16.0million in 2013. Correspondingly, the share capital grew from N14.5million in 2013 to N18.7 million at the close of 2014.
“The 100 space hostel embarked upon by the Society, which was commissioned by the Vice-Chancellor, University of Ilorin, Prof. AbdulGaniyu Ambali on 30th October, 2013 gave its first return of N10.0million in the year under review and has improved the gross income as well as the dividend of the society tremendously.”
Earlier, a representative of Kwara State Commissioner for Commerce and Cooperative, Mr. L. B. Bukoye advised members of the University of Ilorin Probitas Multipurpose Cooperative to increase their interest for more dividends.
“The University of Ilorin Probitas Co-operative society is different from any other Co-operative in Kwara State because they have improved the society’s standard by presenting an accurate account of the society with transparency”, he said.
Mr. Bukoye however pointed out that the society has a bright future because the members of the society are committed towards its development.
Meanwhile, in preparation for its 2015 Annual General Meeting fixed for August 27, 2015, the Society has constituted a five-man Electoral Committee.

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