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•Can’t meet obligations to members
By Gabriel Dike
The Lagos State University (LASU) Cooperative Society has run into a financial crisis and cannot meet its obligations to members.
The Cooperative had also experienced a similar financial crisis under the immediate past Vice Chancellor despite salaries being paid to staff of the university.
The new development is as a result the inability of the university management to remit the deducted check-off due to the Cooperative from members’ salary.
The Daily Sun learnt that as a result of the financial crisis, the Cooperative has been able to meet the request of many members.
When our Correspondent visited the Ojo campus for coverage of an event, staff members of the Cooperative were heard lamenting about the financial situation and their inability to access loans and other benefits.
A member of the Cooperative forwarded a special announcement circular signed by the General Secretary, which confirmed the findings of the Daily Sun.
The announcement reads: “The Cooperative management needs to pass information across that we are currently in a financial crisis. This information was delayed because we expected the situation to change last December, but it has become worse.
“Distinguished members, the Cooperative has not received any check off from the university from October 2023 to December, 2023. The last check off we received from the university is half of our dues in September 2023.
“This will make it difficult to meet our financial obligations to you. Consequently, the management of the Cooperative decided that as from today January 9th, 2024 we would be unable to accommodate any request for, normal loan, commodity loan, additional loan and other huge financial services.” The Cooperative however stated that it would accommodate soft loan, compassionate loan and financial obligation in respect of threatening health issues (with evidence) till further notice.
“MANCO craves your understanding at this trying time. We are making attempts within our capacity to work with the university to resolve this issue,” it added.
