COMSOL THEN! COMSOL NOW!! COMSOL LATER? Being the text of the WELCOME ADDRESS delivered by Mr. Samson Oladiran DAVIS, President COEASU Multipurpose Cooperative Society Limited (COMSOL), Federal College of Education, Abeokuta at the Annual General Meeting held on Thursday 20th June, 2013. Protocols The College Chief Executive and Patron of COMSOL, Dr. Adetayo Ayodele Ajayi, Other Members of the College Management, The State Director of Cooperative Services, Deans and Directors, Head of Department (Academic and Non-Academic) Presidents and Executives of other Societies in the College, Special Guests of honour, Distinguished members of COMSOL, The gentlemen of the Press, Ladies and Gentlemen, Introduction We give all our thanks to the Lord for yet another time to meet for the purpose of stock-taking of our activities in the last financial year. This is the grand finale of our general meetings whereby reports of our financial portfolio for the year ended March 2013 are made available to shareholders and profit taking follows accordingly. You will recall that our accounts were presented and adopted during the last Pre-AGM held on the 6th of this month, June 2013. It was then that our transformation dividend of 9.5kobo was approved for distribution to members. We cannot celebrate our annual general meetings without recourse to the founding fathers of this society, Pastor O.J. Nwanyanwu and Comrade Rasheed A. Adetoro, for the solid foundation they toiled day and night to lay for our great society COMSOL. The outgoing executive comprised of men and women of proven integrity and a sense of collective responsibility which go a long way to explain the secret behind notable giant strides we were able to accomplish. Our indefatigable members we say a big kudos to you for always being there for us whenever we come up with some novel transformation ideas and present same to you for consideration and ratification where necessary. You were never found wanting in doing a critique of our presentations with the sole aim of making our good to be better and our better to meet your desired best. Thank you very sincerely for always fine-tuning our thoughts and ideas. You dutiful and painstaking contributions had gone a long way to among other things, assist us in coming up with a new improved template for our loan facilities and interests chargeable; a reviewed version of our constitution as well as a documented condition of service for our office staff. The mission of COMSOL EXCO It is now a known fact that the COMSOL that was established in March 2005 is gradually becoming the in-thing in Federal College of Education, Abeokuta as conceived in the mission of the society. With the introduction of the following diverse and people-oriented loan facilities we have not only shown that we could effectively manage our affairs by ourselves, but we have gone a step further to prove that we have the think-tank when it comes to fathoming things that really show leadership in the cooperative environment. TYPE OF LOAN DURATION MAXIMUM AMOUNT NEW INTEREST Regular 11 months N2 million 10% Religious Festivals Support 3 months N100,000 3% Assets Acquisition 3 months N200,000 3% House-for-all Scheme 30 months N3.5 million 20% Scholarship Enhancement Loan 6 months N300,000 5% Conference Financing 6 months N200,000 5% Book Publishing Scheme 10 months N250,000 7.5% Emergency 6 months N200,000 6% Business/Car Loan 24 months N2.5 million 18% TYPE OF EYSS LOAN DURATION MAXIMUM AMOUNT NEW INTEREST EYSS Special Intervention Loan 5 months N500,000 5% EYSS Academic Support Loan 3 months N250,000 3% EYSS Salary Advance 1 months (20th – 10th) ¼ of last net salary 1% Our guiding principles include: i. Preservation of funds and assets of COMSOL through shrewd use of resources. ii. Rapid expansion of our capital base through the interest accrue from the prompt disbursement of our loans iii. Usual release of information to members on their financial records through electronic templates that show their personal ledgers and passbook iv. Maintaining a quarterly bulleting - COMSOL News – which is far-reaching in disseminating information on current issues to members v. Ensuring that our office staffers are doing well in maintaining good and prompt response to the demands of members as well as in keeping adequate records of members’ portfolio. vi. Full computerisation of our transactions and issuance of receipts for all payments made through tellers. We believe that all these had gone a long way to single us out as the best administered cooperative society in the College Withdrawal from COMSOL since last AGM Some of our members withdrew from COMSOL for different reasons which include retirement from the service of the College. They include, Dr. Adetunji Barhi; Dr. Akeem Adekunle and Mr. & Mrs. J.B. Odunuga. You will all remember that we prayed fervently last year that we are not going to lose any of our members this financial year. To the glory of God almighty, we did not and will not lose any of our members in Jesus name, amen. COMSOL Challenges There are only two challenges ahead of COMSOL. These are the proposed introduction of the IPPS – Integrated Personnel Payroll System; as well as the newly introduced cashless policy by the Central Bank of Nigeria. This is an offshoot of a new policy on cash-based transactions which stipulates a ‘cash handling charge’ on daily cash withdrawals or each cash deposits that exceed N150,000 for individuals and N1,000,000 for Corporate bodies. The new policy on cash-based transactions (withdrawals and deposits) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers etc.). In a situation where a daily cumulative limit of N500,000 and N3,000,000 on free cash withdrawals and lodgements by individual and corporate customers respectively nationwide from this month of June implies that individuals and corporate organisations that make cash transactions above the limits will be charged a penal fee of N20/thousand and N30/thousand respectively for deposits amount above the cumulative limits, as well as N30/thousand and N50/thousand respectively for withdrawals amount above the cumulative limits, Furthermore, 3rd party cheques (like the ones we give to our loan beneficiaries in COMSOL), above N150,000 are no more honoured by our bankers since the policy states that they are no more eligible for encashment over the counter. It is therefore expected that all cooperative member of COMSOL should acquaint themselves with alternative channels of payments which include the following: i. Point-of-Sale Systems ii. Mobile payments iii. Multi-functional ATMS that are capable of making withdrawals, cash-deposits, bill payments, etc iv. Internet banking for intra and inter bank funds transfer v. (Instant) Electronic Funds Transfer as well as vi. Direct debits, that is, Automated Direct Debit option. Celebrating Notable Achievements of Members: I shall not conclude this speech without congratulating our members who made a remarkable progress in their personal lives within the last one year. These include the bagging of PhD by Dr. Olufemi Olaleye (COMSOL Electoral Committee Chairman); Dr. Samuel I. Meroyi (COMSOL former Asst. Gen Sec and now Auditor); Dr. H.I. Kuye (Member, COMSOL Constitution Review Committee) as well as Dr. Chris Omotosho (COEASU former Gen Sec). I also thank the Lord for the likes of former Miss Edrah Paulina now Mrs. Edrah Abe; Mrs. Jane (Computer Sc. Dept) and others. Conclusion: I wish to conclude this address with a song which goes thus: E se ibi teti bere, E se ibi te ba dee A dupe Oluwa, fun’bi te’n mu wa lo. I thank our supervisory agency, Ministry of Cooperative Services; the management of our College; the bursar of the College specifically; the zonal officer and desk officer of Cooperative Services in Odeda and every other persons who contributed in no small measure to making our dream for COMSOL not only realisable but actually realised. Thank you all for listening.
Posted on: Tue, 18 Jun 2013 00:13:43 +0000
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