UBA Staff Cooperative Holds Its 2024 AGM: Waxing Stronger with over N2B Asset Base.
Naija CooperativeNews…Elects New Executive Management Committee
…Woos more members to join to benefit from the society
The United Bank for Africa (UBA) Staff Cooperative Multipurpose Society Limited held its Annual General Meeting (AGM) over the weekend precisely on Saturday 23rd March 2024 at LASCOFIS Hall, Off Wempco Road, Ogba Industrial Scheme, Ikeja, Lagos State, Nigeria.
The event witnessed some of the past Presidents of the society and Executives on the ground, also had in attendance Several cooperative Leaders from the movement in the state and the representatives of the Directorate of Cooperative Services in the Ministry of Commerce, Cooperatives, Trade & Investments Lagos State that gave goodwill messages after the Society President, Mr. Laja Sorunke who handed over to a newly elected executives at the occasion.
Mr. Sorunke in his welcome remarks thanked God Almighty for the journey so far in leading the society and thanked all the guests who made it, as well as every member of the cooperative in attendance for the AGM. In the presentation of his stewardship of the UBA Cooperative Operations in perspective, he appreciates all of his Management Committee members and staff for their dedication and commitment to drive the vision and mission they set when they came on board.
Mr. Sorunke stated, “I came in first as Chairman of the Cooperative Caretaker Committee before being elected as a substantive President of the Society when the society was at its trying moments just like we have now. However, with my team, focused on a strategic plan and set goals, we could work hard with all honesty, accountability, and transparency to turn around society’s fortune for the better. Membership increased from about 981 when we took over to about 5,200 but has now decreased to 2,343 as of the close of FY2023 due to the frequent attrition rate in the bank, “Japa Syndromes” and the Economic Situation in the Country. Financially, we grew the balance sheet size of the Society from a meager 140 million Naira to over 2 billion Naira in 2020 before the decline to 1.437 billion Naira as at close of FY2023”.
It was revealed during his presentation that the society had several Landed Properties and other Investments, almost 500 plots of land at Igbo-iwaju/Shimawa Ogun State and in Ibeju Lekki, Lagos State, 72 Lock-up Shops in Alade Market, Ikeja, Lagos State and Uselu Market, Benin-City, Edo State, Consumer Stores in Ibadan and Lagos Island, and lot of Investments in Financial Instruments across Banks and Insurance Companies.
After the Presentation of the Stewardship and the rendition of the FY2022 and FY2023 Statement of Accounts and Returns of the Society by the Treasurer, the Chairman Supervisory Committee Pastor ‘Wale Adedokun also read the reports of their committee and stated that all exceptions were responded to on time, and they were certified by the performances of the outgoing executives of the UBA Cooperative Society.
Mrs. Sikaiye O.T. President of the Lagos Island Multipurpose Cooperative Union (LIMCU) Limited where UBA Cooperative is an affiliated member poured lots of accolades on Mr. Laja Sorunke, she said he is a committed, dedicated, hardworking, reliable, and loyal individual having worked with him as the 1st Vice President of LIMCU. He is an achiever and a good team player.
Also, Pastor Samuel Ariyo one of the VIPs at the occasion and a former President of UBA Cooperative Society and LIMCU went down memory lane, advising the members of the cooperative not to withdraw from the society because the society is always a saving grace for any member, stating that when he retired he remembers that it was his cooperative savings that came as succor to have bulk money to establish a business for his family at the time before getting his gratuity. He also said they tried their best to lift the society higher.
Alhaji Oyeneyin Gafar the former president who handed over the society to Mr. Laja Sorunke when they were in a crisis period said at least one major achievement he was happy about is handing the leadership mantle to Mr. Laja Sorunke whom he said has done very well for the Society and made them proud, hoping that those Laja is handing over to, would do their best to ensure the society grows bigger in leaps and bounds.
The representative of the Lagos State Ministry of Commerce, Cooperatives, Trade & Investment and the Director of Cooperatives, Mrs. Ayo Abiodun salute everyone and send the greetings of the Ministry’s Permanent Secretary and Director of Cooperatives while noting that the Society should do better in their time management, ensure they publish hard copy of the audited annual accounts for every members of the society, more so, that it is time for the society to begin the use of e-voting to give room for every member to be able to decide who governs them instead of the delegate system being used now. Finally, she said it is in line with the state law to provide each member with the bylaws of the society, she said after 36 years of registration the bylaws are due for an amendment.
The Area Officer in charge of the Cooperative dissolved the existing executives as the electoral committee took over and conducted a peaceful democratic election where delegates in attendance and members online were allowed to vote and a new set of Executives were sworn in at the AGM.
Amongst the VIPs and guests that grace the AGM were; Lagos Island Area Officer Mr. Kunle Adedeko, LASCOFED Treasurer Cooperator ‘Segun Shodiya, LASCOFIS President Mr. Olufemi Obakoya, Shomolu MCU President Hon. Jamiu Lawal, Secretary Alimosho MCU Bishop Adebori Omowa, CRASoN Panel of Jury Chairman Mr. M.S. Bello, Assistant Registrar of ICOPRON Lagos State Chapter Mr. Y.A. Sulayman, Alh. Tajudeen Okerinde, Dr. Mike Omobude, and Principal Consultant/CEO of Cooperative Support Services (CoopSupport) Mr. Victor Oyegoke who served as the Master of Ceremony for the day.
Lastly, in his closing remarks, the newly elected UBA Cooperative President, Mr. Bankole Adesanmi, gave a vote of thanks, called on staff of the bank to join the cooperatives, and promised all members and leaders of the society to work harder with his new management team to increase membership and financial performance of the UBA Cooperative.
Awards of Excellence and Life Achievements were bestowed on some of the past and outgoing executives of the society in honor and recognition of their selfless efforts and hardworking commitment to growing the society.
The AGM ended with a prayer said by a member Aminat Zia who promised to be a voluntary ambassador of the cooperative to other UBA staff advising them all to join the society, having attended the AGM for the first time and learned a lot about the society against the false rumors she had been fed with.
UBA Cooperative Multipurpose Society Limited is an entity established in 1986, however, was duly registered under the Cooperative Societies Laws of Lagos State of Nigeria. UBA Cooperatives has approved Byelaws subject to amendment with the consent of members and the final approval from the Director of Cooperatives in the Supervisory Ministry, which is the Lagos State Ministry of Commence, Cooperatives, Trade & Investments Department of Cooperative Services.
The core objectives of the UBA Cooperative Society is to take care of the welfare of its members (i.e. United Bank for Africa’s Current staff and Ex-staff) by improving their socio-economic status through the encouragement of regular thrift savings, provisions of loan facilities, investments, acquisition of landed and building properties, shops and other consumer-related items to increase society’s wealth.
