Adeyemi College of Education cooperative society 1 holds 29th AGM, launches honey product

Adeyemi College of Education (ACE) Ondo Cooperative Multi-purpose Society (CMS) 1 Limited, has held its 29th annual general meeting. The event which took place on 18th February, 2016 held at the Olusegun Obasanjo auditorium in the institution.


In his address of welcome, the President of ACE CMS 1, Mr. E.A Orunko explained that the review of the activities of the society for the year 2015 was aimed at informing members about its state of affairs as well as consolidating all the projects enumerated in the year 2014 report.


He stated that although the society experienced fairly favourable economic climate   during the year 2015, it was still able to put in motion the process for the establishment of a Micro-finance Bank, one of the projects it had in mind to boost its economic fortune.


Orunko further explained that the process for the establishment of the Micro-Finance bank affected the ability of the society to meet members’ financial demands adding thedevelopment also led to fall in society’s turnover.


While expressing appreciation for the cooperation and support received from members of the society, the ACE CMS No 1 President listed some of the achievements recorded during the 2015 financial year to include full computerization of the society’s account and records, extension of the society’s supermarket and relocation of its cybercafé to a more commercialized area, establishment of bee-keeping venture, leasing of the society’s restaurant to a private catering company ( Leisure Ranch Catering Services) as well as constitution and registration of a Limited Liability Company with Corporate Affairs Commission ( CAC).


Speaking on other areas where the society has made significant progress, Orunko listed them as including the establishment of borehole drilling project, upward review of loans to members, expansion of society’sbakery site and improvement of its bread productionas well as thesustenance of the society’s pension scheme.


He also spoke on other issues pertaining to the society’s share capital and ordinary savings, provision of loans to members and highlighted the society’s comparative data of performance for the period of five years from year 2011 to 2015 and dividends paid on members’ investments.

The ACE CMS No 1 President while acknowledging the tremendous support extended to the society by the College Management, thanked the Provost of the College, Prof. Olukoya Ogen and his team for creating enabling environment which provided the opportunity for the society to carry out its operation.


Earlier in his address, the Provost of the College, Prof. Olukoya Ogen represented by the College Acting Librarian, Mr. Akinade Awoyemi commended the ACE CMS No1 for the modest achievements recorded by it. He also lauded the business initiative of the society, which he noted was demonstrated through the production of honey, stating that the development would generate more income into its purse, and add values to the lives of not only its members, but the entire College community.


While urging the leadership of the cooperative society to continue to work for its success, Prof. Ogen advised them to engage in more productive ventures that would help in improving its economic fortunes. He reiterated the readiness of his administration to continue to support the society in its effort at achieving the goals and objectives for which it was established.


The well attended event feature activities which include the presentation of address from the Ondo State Director of Cooperative Services, adoption of the 2014 AGM meeting presented by the society’s secretary, Dr. P.O Akinbile as well as the reading and adoption of its 2015 financial reports presented by Mr. Obamoyegun O.J. Eminent personalities who attended theprogramme where the society’s home made honey was launched include the College Bursar, Mr. Ganiyu Abdul; Area Officer of the Ondo State Cooperative Services, Mr. Meroyi Bamidele; Executive Committee members of the ACE CMS No1; staff members and Microfinance Board of Directors.

Others present include Board Members- Limited Liability Company; Sub-Committee Members in charge of Bulk Purchase Ventures, Supermarket, Livestock, Cybercafé, Accounts and Computerization, Bakery as well as Bee-keeping and Car-Wash.