As promised, we are releasing the history of the cooperative fully. Your comments, views and addition/subtraction is highly welcomed. Take time to read through please so that you will get acquainted with the Society. Thank you ADMIN PREAMBLE A cooperative society is an organization, developed, owned and controlled by person of small means who join their resources together to achieve their socio-economic objective. Before the Society was establish, there were many small form of pseudo-cooperative societies among the people which are all prone to many disadvantages, But the first successful cooperative society is Rocholale equitable pioneers in 1844. The society succeeded because of its adherent to the laid down principles, which formed the basis of today’s emerging cooperative societies. In Nigeria, by 1926, the Federal Department of Agriculture had organized Cocoa Farmers society around Ibadan and Abeokuta to market Cocoa product in a cooperative form. Suffices to say that after some years Western Region Government of Nigeria registered the first cooperative society {Gbedun Cooperative Produce Marketing Society Limited} in August 1973 under Cooperative Ordinance. In 1951, 100 workers of University of Ibadan came together to form University of Ibadan Workers’ Cooperative Thrift and Credit Society, which metamorphosed into University of Ibadan Workers’ Cooperative Investment and Credit Society Limited. In 1979 the secretariat moved to publishing house and then membership strength increases over years such that by the year November 2008 it has risen to about two thousand three hundred and ninety nine members comprising of Junior, Senior and Academic staff of the University of Ibadan. The principle and objective of the society are i. Association of person with limited means ii. Voluntarily coming together iii. To be democratically controlled iv. To grant loan to all members v. To meet the requirement of members vi. And the acceptancy of a fair share of risk. With these principles, the society was able to register with registration number 558 in 1952. As a pacesetting Society, the society commenced the construction of an office building in September 2005 and by September 2005 the Deputy Vice Chancellor in person of Prof Bamiro commissioned the office. OBJECTIVE OF THE SOCIETY 1. The first objective of the society is that committee members come together once in a month or for special meeting to discuss the progress of the society. 2. To grant loan to the members. 3. At every Ileya Festival, the society gives money to Muslim members to purchase rams. 4. At Christmas time, it distribute commodities like Rice, Vegetable oil and chicken, which is not paid for by cash but through monthly deduction from members account. 5. Electronics such as radio, colour television, iron, blender TV, VCD, Kerosine and electric stove were distributed to members also and paid for installmentally. 6. Acquisition and distribution of land to members to facilitate members owning buildings 7. With (6) above, members benefited mobilization loan to start off the construction of their building and cements were generously acquired and distributed to members to facilitate constructions 8. Buses, Truck and cars were acquired to ease transportation of members and the University community with affordable charges. 9. Halls and Seminar rooms were made available in the Cooperative building for social gatherings, seminars, conference and meetings which also serves as source of revenue for the Society. 10. Just of recent, the Society embarked on acquiring Bank Loan in the name of the Society for onward distribution to members to ease accessibility to loan by members. Others are 1. Encourage members to engage in large scale investment 2. Availability of fund to be lend to members for productive purposes. 3. Returning part of the surplus to members as interest (dividsend). 4. Provision of proper and controlled credit at reasonable rate interest. 5. Educating members in the management and proper use of loan through various internal and external seminars. 6. Providing facilities for regular saving by members without such saving removed from their control METHOD OF OPERATION The operation of the society is based on following. 1. INVESTMENT; The Society invests in many ways to satisfy their members by distributing essentials commodities at lower rate for the benefit of members, such as colour television, radio, blender, electric stove, rechargeable lantern and even available land to members. 2. CREDIT; This operation is used to grant loan to members for short period with the rate of interest at 15% per annum on any amount grant out to members. 3. EDUCATE MEMBERS; Members benefit from training giving to individual through seminars organized by resource person. THE PRINCIPLE OF THE SOCIETY 1. Open membership. 2. Democratic Administration 3. Limited interest on capital. 4. Concern for commodity. 5. Cooperation among cooperators. 6. Autonomy and independence. 7. Members’ economy participation. ORGANISATION STRUCTURE AGM MANAGEMENT COMMITTEE TRUSTEE TREASURER SECRETARY VICE PRESIDENT PRESIDENT MANAGER [ADMIN] MANAGER [BUSINESS] BOOK KEEPER CLERKS RECEPTIONIST CLEANER MESSENGER ETC. EDUCATION OF MANAGEMENT 1. COMMITTEE; The Management Committee of U.I. CICS were members elected during the Annual General Meeting. They are the Zonal Representatives across the eight zones as well as the President, Vice President, Secretary and Treasurer of the Society. They are to direct the affairs of the Society through planning, organizing, motivating, co-ordinating and controlling of members’ efforts and fund to trade an engage in profitable ventures. 2. PRESIDENTS AND VICE PRESIDENT; It shall be the duty of the president to preside on all General and committee meeting, The president has the power to convene meeting but in the absence of the president, the vice-president shall be the chairmen at meeting and shall have power of the president. 3. TREASURER; It shall be the duty of treasurer to; 1. Take charge all money received by the society 2. Make disbursement of society fund according to the direction of the committee’ 3. Sign the cash book in token of its correctness and produce balance 4. SECRETARY; It shall be the duty of secretary to; 1. Prepare all receipt, voucher and other document on behalf of the society. 2. Keep correctly and up-to-date the societies book of account and other statutory records. 3. Prepare and submit to the committee the annual account statement of balance sheet. THE CONCEPT OF U.I. CICS LIMITED The general notion of U.I. workers cooperative investment and credit society is to bring workers with common economic and social problem and interest to work together with a view to achieving economic case for members. It is an organization with a way of life. Nowadays, it is a big problem building a house, training of children or having a car. The cooperative society is with notion that every individual should live a satisfactory life and also be able to fulfill his life ambition. It is the idea that you will find, if you can loose, if you give out100, you will get 200. Deny yourself pleasure today and get abundant of it next day It is the idea that, you should “save for the rainy day” ORGANISATION POLICY The policies of the Society were as below. 1. To meet the need to all members. 2. To see to the well being of all member 3. To help member in reaching goals which might seem difficult to attain individually 4. There is also an indirect positive contribution to help member of the community or environment. 5. To save for the rainy day i.e. when the day of the retirement of member approach MODE OF COMMUNICATION There are three modes of communicating with members. 1. Zonal meeting 2. AGM 3. Official Newsletter 1. ZONAL MEETING; This meeting is to reach every member in each zone. The committee members choose date to meet members basically to discuss progress of the society as well as the setting the way forward. Presently, there are eight zones thus; science and technology, maintenance, agric and veterinary, central Administration and security. Zonal meeting are held twice a year. 2. THE ANNUAL GENERAL MEETING; It is held during the month of August after the annual statement of account have been prepare. At this meeting, reports on proceedings and the statement of account of the Society are presented to the members. Also members are allowed to contribute through sensible advice, questions, answers and constructive criticism. 3. OFFICIAL BULLETIN:- This is usually prepared and distributed throughout all zones to facilitate information on current and urgent happenings which needs either members consent, participation, contribution or notice which could not otherwise wait till the Zonal Meeting and the Annual General Meeting. BOOKS OF ACCOUNT AND STATUTARY RECORDS OF THE SOCIETY Books of account are the approved set of books for recording financial transaction and from which information is obtained mostly periodically and as occasion calls for. The books include; i. Purposely for operational assessment. ii. Decision making and planning for the future of a cooperative organization. In a nutshell, the usefulness of books of accounts in U.I. CICS could be in the following ways. a) That the book of account provides the much needed information on finance in the Society from time to time. b) That the information collected from the books facilitate assessment. c) That they enhance accountability and probity d) That if properly kept and maintained, they serve as future references. e) Those cooperative organizations financial report could be compare hence zeal to perform better. f) That as a result of the transactions contained in the books of account, it shows the financial relationship between an organization and the members. Past and present, cooperative which remain reliable. TYPES OF BOOK OF ACCOUNT i. Monthly Analysis Book – This is the book of origine of data. ii. Cash receipt Book – This is a book of prime entry. iii. Payment Voucher (P.V.), which contains statement of expenditure, incurred by the Society in the course of her financial transactions. iv. Cash Book (CB) – This is a ledger book. It has cash account put together and called two-column cashbook. v. General Ledger: - As the name goes, the general ledger contains account (on general transaction), which are synonymous to the business being transacted the Society. vi. Personal ledger:- This book bears the account of individual or depositors of the Society TYPES OF STATUTORY RECORDS Among the known statutory records that cut across the society are the following, (a) Member’s passbook: - these are cards, which contain statement of member’s financial transaction with the Society. (b) Loan register record of loan taken by the member from the society. (c) Application Form for loan: This is a form that indicates member’s intention to borrow. (d) Bank statement: - periodical statement of society’s’ financial transaction sent by the bank (e) Cheque Book/ Stump: It contains cheque leaflets and issued by a bank. (f) Nominee form and Envelope:- It is known as next-of-kin form. (g) Purchases and sales register of commodities: A record of quantity and quality of society purchases with price per unit. (h) Building and Equipment register: It contains record of the particular of building and equipment owned by the society. (i) Business files: These are titles files containing document relating to the society undertakings. U.I CICS SOCIETY TERMS 1. FINANCIAL YEAR: These is the period of twelve months i.e. 1st of April through 31st march of the following year. 2. SURPLUS: This is the amount of money at the end of the financial year arrived at after all the society nominal expenditure has been deducted from all the society nominal income. 3. DEPRECIATION: Is the process by which society assets is being written off annually by appropriate provision from the net surplus 4. DIVIDEND: Is an appropriate amount from the net surplus to be divided among members of the society in proportion to their share capital. 5. VOTING: Is the process by which all questions can be answered democratically. Majority of votes of members present is needed to decide on a particular matter 6. RESOLUTIONS: Is a target set by the society to purchase during the New Year e.g. increment on share capital, acquisition of properties and any other policy needing members contribution. 7. AUDIT AND SUPERVISION FEE : Is the amount payable to the state cooperative union annually as prescribe and at the rate assessed by the department of cooperative in the state. PROBLEMS OF THE ORGANIZATION : 1. The major problem of the society is that the demands of the members are many and varies such that the society could not meet them all. 2. Politicization of the Society over some few years which is having adverse effect on its growth and development 3. Godfatherism is fast destroying the Society as some group of people believed the Society solely belong to them and they are in the best position to dictate to the Executives. 4. Lack of experience of successive executives and not learning from past mistakes despite the fact that most of the members of trustees witness some of the atrocities of executive members and contractors e.g the same Dele Fadipe (Best buy) who have been swindling the Society over years is the same the present executive is romamcing. 5. Over-inflation of commodities to members such that commodities which was supposed to be bought in bulk and attracting lower prices are bargained at an incredible prices due to self interest of the executive. INVESTMENT IN REGISTER COMPANY (i) Share in cooperative bank N62, 384.93 (ii) Share in union bank N10, 005.23 (iii) Share in Guness Company N10, 000.00 (iv) Share in national oil N37, 500.00 (v) Share in cement company N10, 000.00 Note that Sanusi sold off some of these during Awe regime. 6. The society was able to make a net surplus of N22million last annual General meeting (AGM), which lead to another achievement. 7. President of the society was awarded as the best in 1999/2000 APPROVAL OF LOAN: Loan is being given out to qualified members every month on amount not less than thirty million Naira (N 30,000,000.00) and paid back through the monthly deduction MISMANAGEMENT: Some years ago, some untrustworthy committee members misappropriated funds leading to mass withdrawn of members from the society. We have cases in which some staff misappropriates funds. ACHIEVEMENT OF THE SOCIETY The society had achieved over the years. 1. ABILITY TO PURCHASE LANDED PROPERTY: The society was able to purchase acres of land, which were allotted to member in plots. 2. BUILDING PROJECT: One of the achievement of the society is building on house, the building was rented out 3. LONG TERM LOAD: The society was able to help members acquire loan from banks which is able to be paid back within four years PAST EXECUTIVES All through the 80s, the Society was rocked with fund misappropriation of fund and the accounts were neither audited nor inspected. In 1989, Mr Eniola, Mr Adepoju, Mr Ayeni, Late Mr Ogunsola and others came together to correct all these anomalies of the past. There was an election which brought Mr Eniola in as the president, Mr F. O. Adepoju as vice president, Mr I. O. Ayeni as secretary and Mr Falaju K. as Treasurer. Note however, that apart from the Trustees – President, Vice President, Secretary and Treasurer – the society was divided into different zones for easy administration and dissemination of information. As of now, the Society has 8 zones and later 9 zones viz a vis 1) Agric, vet and pharmacy 2) Central Administration A 3) Central Administration B 4) Central Administration C 5) Arts, Social Sciences and Law 6) Science and Technology 7) Security 8) Works and Maintenance 9) Education and Staff School. Each zone is manned by a zonal representative who together with the trustees formed the Executive Committee of the Society. In 1995, Mr F. O. Adepoju became the President, Mr Oladele R. T. as Vice President, Mr Ibrahim as Secretary and Mr I. O. Ayeni as Treasurer. Other trustees and their year of tenure are as follows; YEAR PRESIDENT VICE PRESIDENT SECRETARY TREASURER 1996 - 2003 F. O. Adepoju Olafusi M. B. Araromi C. O .Sunmonu M. A. 2003 S. A. Famakinde C. Y. Oyekunle Oladeji J. O. Sunmou M. A. 2004 S. A. Famakinde C. Y. Oyekunle Oladeji J. O. Adeyemi W. R. 2005 S. A. Famakinde O. O. Awe Oladeji J. O. Adeyemi W. R. 2006 S. A. Famakinde J. K. Komolafe Deinne E. Adeyemi W. R. 2007 O. O. Awe J. A. Ishola Jerry Ojo Sanusi A. G. 2009 O. O. Oyelade O. A. Omomogbe O. A. Osunrinade S. O. Akerele 2012 O. Oyetunji O. A. Osunrinade S. Ogundero S. O. Akerele Suffice to say that the Society has been growing from strength to strength yearly and it stands as a pace setting and model cooperative society in Oyo state which has witnessed ups and downs but stood the test of time. To show for this, the Society has won laurels over years as the best society in Oyo state not minding the numerical strength which is comparatively large. The success of the society might not be unconnected with its vantage location in the academic terrain of the University of Ibadan and highly intellect/innovative leaders who have the interest of the Society at heart and so work assiduously to promote further development of the Society. Notwithstanding the growth and development, it must be noted that the numerical strength of the Society is dwindling due to bad management, over politicization of the Society and godfatherism over the last one year. The membership strength which was one thousand nine hundred and ninety six as at the 2011 Annual General Meeting has been depleted to less than one thousand seven hundred as at March 2013. Nevertheless, it should be noted that there are still room for development and growth which the Executive keep striving to attain so that their names will be written in Gold in the anal of history of the Society.
Posted on: Sat, 29 Jun 2013 13:49:27 +0000
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