About N20.5 million surplus has been declared by the University of Ilorin Scientific Cooperative Society for the year 2015, representing a marginal increase of N631,856 over the N19,875,710.79 recorded in 2014.
At the Annual General Meeting, AGM, of the society yesterday, its President, Dr. O. M Kolawole, said its total shares have also risen to N67, 673,874.00.
He ascribed the success since he took over the administration of the society in 2012 to God and the visionary, dedicated, business minded and enterprising management and the cooperation of members.
According to him, “When we took over the mantle of leadership in 2012, it was a critical period for all cooperative societies in our campus. The capital base was N13,933,128.14, but today I am happy to inform you that the society’s net surplus for the year ended 2015 has risen to N20,507,566.83.
“We also appealed to co-operators to increase their shares and the minimum should be N500,000 per member. This was accepted by most members and today the shares have risen to N67,673,874.00.”
He also disclosed that the society’s loan facilities are fully operational with membership strength of 363, adding that it is open to staff of the faculties of Physical and Life Sciences only.
The president also disclosed that the society has four hostel facilities on campus and off campus, adding that it has also acquired two landed property of 30 plots at Ilorin West and 96 plots at Afon Local Government Area, both of which have been allocated to qualified members.
On the society’s scholarship scheme, Kolawole said it is the first to award scholarship to biological children of its members, adding that in the 2013/2014 academic session, cash award of N10,000 each was given to 15 qualified students, while in the 2014-2015 academic session, 18 students were given N15,000 each.

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