Mr. Sahula Kehinde Adeyanju was elected as CFA President

He is the President, Oluwaseyi Lantoro (Abeokuta) Co-operative Multipurpose Society Limited and Fimosokan Lantoro (Abeokuta) Co-operative Multipurpose Union Limited

On 19th of October, 2020, Ogun State Co-operative Central Financing Agency Limited holds her 26th Annual General Meeting (AGM) in a grand style.

The Acting President of the organization, Chief Adeniyi Talabi said on his Management report that he will like to pay a tribute to his President, Late Principal Alhaji Mufutau Ayinla JInadu whose death came to us as a rude shock. Alhaji Mufutau Ayinla Jinadu assumed office as President of Ogun State Co-operative Central Financing Agency Limited on 28th October, 2019 but we never knew he will leave us too suddenly. He had intention to bring reform and innovation to the Agency but death prevented him from doing that, may His Soul rest in peace. Without mincing words, the organization still continue to perform its primary roles in the Co-operative circle.

In his management speech, he said “The organization Share Capital remain a life blood in the organization and we shall continue to harness it from members affiliate across the Administrative Branches in the State. Thus, the sum of N5,561,560.00 was contributed as a Share Capital during the year bringing the total Share Capital of the organization to the sum of N98,146,514.75.

The loan profile is not that encouraging in the year under review, but efforts are in top gear to perform reasonably in the subsequent years. This remain our number one priority project in the organization, we shall strive to ensure satisfactory in our quest to provide Micro Credit assistance to our members affiliates, through the Shares contributed by the numerous affiliates.

The organization Operating Income of N1,050,406.43 was realized during the year, we hope to improve on this in the future.

On Dividend, the management hereby tender its apology by the way Members Credit was shared in the last Annual General Meeting (AGM). I am pleased to inform you that the current Administration had been able to correct the system such that members will receive their dividend in cash as against the method adopted in last year. Thus, the sum of N500,000.00 is being earmarked as dividend at 0.005%, subsequently N130,000.00 will be shared for those that subscribed to Building Shares respectively.

CFA Limited Building at Bode Olude, Elega, Abeokuta.

On the Building Project, the last Annual General Meeting (AGM), the history was recorded in the organization when the gigantic edifice situated at Bode Olude, Elega, Abeokuta, Ogun State was commissioned in the presence of Co-operative big wigs in the State. Though, it is undisputable fact that the project brought adverse effect to the operation of the Agency but we shall remain resolute and focus in order to allow normalcy to return to the process.

At this juncture, I want to passionately appeal to our esteem members who have not subscribe to the building project to quickly subscribe into the project. This edifice remain our legacy and it will serves as our asset and heritage in the future generation.

On Overdue Loan, I like to seize this opportunity to reach out to debtors that it is absolutely imperative to settle all the debts before the first quarter of next financial year. The present Administration is fully prepare to go tough on the defaulters who bring sat back in our quest to satisfy the flocks of applicants that inundated the office with loan request.

The present administration is planning to serve the affiliates satisfactorily and ensure Co-operative operation which shall be in compliance with the global practice. The management will be moving for visitation excise across the Branch where there will be platform to interface and resolve for the way forward. We are also intending to digitalize our operation which shall be in compliance with the global standard in Co-operative world.

On behalf of the Board of Directors, I like to express our heartfelt gratitude to the administration of Ogun State Co-operative Federation Limited (OGSCOFED), the leaders and elders in the Co-operative fraternity. Thank you for your invaluable mentoring and corrections. Your supervising effort is quite awesome and we shall like to work hand in hand with you in the future. I will like to extend my appreciation to the Office of Director of Co-operative Service, Ministry of Community Development and Co-operatives in Ogun State and his subordinates for their advice and overseeing function. This play meaningful impact in our business. Permit me to acknowledge the efforts of my colleagues in the Board, they are all marvelous people who are ready to sacrifice their times, treasurers and talents in order to ensure development the Agency deserve. Our members of staff are wonderful they are crucial component of the organization. I want to admonish them to continue rendering their good and services to the establishment.

Lastly, I want to acknowledge the support of our shareholders, we appreciate your tolerance and perseverance, we hope to serve you better in the future”

There was an election of New President of the organization after the death of Late Alhaji M. A. Jinadu, the election takes place after the Auditor’s report and Account. Mr. Sahula Kehinde Adeyanju from Fehintola Lantoro (Abeokuta) CMU Limited was elected as the New President of the organization.

Mr. Sahula Kehinde Adeyanju in his welcome address said “Our administration will work hand in hand to the development and growth of this organization.”

HINT ABOUT THE AGENCY

APPLICATION FOR MEMBERSHIP

For new and intending members, a minimum Share for Co-operative Societies is Two Hundred Thousand Naira (N200,000.00) while that of Co-operative Union is Three Hundred Thousand Naira (N300,000.00). For your Co-operative Society to be bonafide member of our Agency you have to meet the above requirements.

This will qualify your Co-operative Society to:

  1. Attend General Meetings and Annual General Meetings
  2. Have your name printed on our pamphlet.
  3. Have access to loan facilities.

Thus, Admission fee is Five Thousand Naira (N5,000.00) payable once while Development Levy is Two Thousand Naira (N2,000.00).

LOAN APPLICATION

To enjoy our loan facility, a society must:

  1. Have minimum share with us
  2. Obtain loan form and submits promptly for screening/interview meeting.
  3. Attend screening and interview meeting
  4. Operate a current account in any reputable bank
  5. Submit 3 years AGM pamphlets
  6. Swear affidavit on collateral (land and building ) to be a security on loan

IMPEDIMENTS TO ACCESS LOAN

  1. Overdue loan in your Society and Union
  2. Reduction in share capital
  3. Deficit account
  4. Dumping syndrome
  5. Lack of collateral
  6. Non recognize by Union and Branch directors of CFA Limited

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Reader Comments

  1. I congratulate baba Adeyanju for his victory as new president of central financing agency I also commend the leader of Ogun state cooperative federation most especially the ogscofed president Alh. AbuduRasaki Ola Balogun for the justice done to uphold the unity of cooperative movement in our state I also congratulate the entire member of CFA for witnessing new era.

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