Yusuf Maitama Sule University Kano Staff Multipurpose Cooperative Society Limited has conducted its 2022 Annual General Meeting.
Declaring the meeting open, the Vice-Chancellor of the University, Prof. Mukhtar Atiku Kurawa commended the Society under its President, Prof. Abubakar S. Garba for initiating various activities for the betterment of their members.
“The University is happy with the level of progress made by the society as attested in the president’s speech, including increase in membership and a lot of achievements despite the economic crises. The society is doing great,” he said.
The Vice-Chancellor who was represented by the Dean School of Postgraduate Studies, Prof. Ali Ibrahim Naibbi assured of continuous support of the management of the university on the activities of the society.
He stated that arrangements have reached advance stage for establishment of YUMSUK Micro Finance Bank, calling on the society to collaborate with the Bank when it begins operation for mutual benefit.
Presenting the Annual Report, the President of the Society, Prof. Abubakar S. Garba said at the beginning of their operation year in 2018, their membership strength was 213, but today the membership has grown to 774.
According to him, the total members’ share capital subscribed at the beginning of 2018 was N13,077,666.68, but as at the end of the year 2021, the share capital rose to N59,062,033.
“The Cooperative Society also has special/voluntary savings of N59,136,697.87 and ordinary savings of N26.078,014.42,” he stated.
He added: “On achievements so far, the Management Committee of the society in its resolve to boost profitability and increase the impact of the Cooperative Society on welfare of members, it is worthy to note that during the year, it has granted interest free cash loans of N29,460,000 to members.
“Similarly, it has cumulatively purchased essential commodities and other facilities to members worth N137,623,190.
“It is on record that so far, the Society has purchased 26 houses, 38 plots of land, 16 tri-cycles and motor cycles and 12 motor cars worth N139,970,000 to members.”
The President who is the Deputy Vice-Chancellor Administration of the University expressed appreciation and gratitude to various stakeholders who have been supporting the Cooperative Society in many ways.
He thanked the Vice-Chancellor of the University, Prof. Mukhtar Atiku Kurawa, Principal Officers of the University and Kano State Ministry of Commerce particularly the Director of Cooperatives for their unalloyed and unwavering support to their society.
Prof. Garba lauded the members of the Management Committee for their hard work, commitment and sense of sacrifice in managing the affairs of the Society, thanking its members for their support and cooperation by reposing confidence and trust on them.
In his goodwill message, Director Cooperatives of the Kano State Ministry of Commerce, Alhaji Musbahu Sani RiminGado described the Yusuf Maitama Sule University, Kano Multipurpose Cooperative Society as among the best multipurpose societies in the state.
“I commend the society for its peaceful nature and the numerous achievements recorded so far,” he added.
The Director hailed Prof. Garba for his leadership style, advising the society to initiate more ways of sourcing revenue.
He called on YUMSUK to mount degree programme on Cooperatives to give opportunity for Kano indigenes to study degree in the area, lamenting that: “There is no any institution in the state that offers degree programme on cooperatives.”