The Society, Obafemi Awolowo University Progressives (Ife) Cooperative Investment and Credit Society Limited (OAUPCICS Ltd) was formed in the year 1988 as a result of the hardship of economic policy Structural Adjustment Programme (SAP) introduced by the Federal Government.
The policy turned the working class to live on fairly used goods and commodities (Tokunbo). The policy scrapped the middle class of the economy and made workers chronic borrowers and or even debtors. Members of trade unions even took solace in the Union due by asking for financial assistance. It was this condition that lead the caretaker committee of NASU OAU (Non-Academic Staff Union Obafemi Awolowo University Branch) under thew able leadership and comradeship of Prince A. O. A. Oyinlola, late Barrister T. A. Babawale, R. A. Oyeniyi, A. O. Adeniyi, late Bamiodele Adeoti, Mrs. C. A. Osewa, S. O. O. Olayemi and Hassan Momoh to set up a three-man committee of NASU on how to cushion the effect of this economic hardship. The committee under the chairmanship of a trained and seasoned co-operator, Mr. K. M. Adewunmi made their submission and recommended the formation of a Cooperative Society.
This recommendation was accepted by the NASU executive and approved by Congress of the union and Mr. K. M. Adewumi was in charge as the Executive Secretary. The Society took off with the mission statement “using its rich academic environment, the vision of the founders, the proven skills and innovativeness of its experts offer prompt and high-quality cooperative assistance that guarantee high surplus, security of savings and economic freedom for its members to experience the thrill of adding value to lives and business by superior convenience provider” And we were having our monthly general meeting at Agric foyer with the pioneer Executive committee members of Mr. J. O. Ojo as President, Mr. K. M. Adewumi as the Secretary in charge of minute and financial transactions. He held this office for a long time even when other office were been dissolved annually, his was permanent until when the Society had increased in membership strength and the separation of the 2 posts. Mr. G. A. Sani was the PRO.
The Society was NASU OAU CTCS until 1989 when there was change of leadership in the Union to avoid and not to involve in the intral-union politics of NASU, the Society made a change of her name to Obafemi Awolowo University Progressives (Ife) Cooperative Investment and Credit Society. And it became a registered Cooperative Society with Registration No 6890 of 1992.
While we were operating cash transaction all along until July 29, 1992 at the Annual General Meeting of this Society, the Special Guest at the AGM and then Bursar Late Mr. I. O. Agbaje granted request of the Society presented by the then President Mr. E. B. A. Emiola and we were placed on pay-roll.
At OAU Progressives (Ife) C.I.C.S. Ltd, we want to be number one in our chosen market, providing exceptional value to our members, as a high value on respect is an essential ingredient for a fulfilled life. And continuous learning is the foundation for continuous growth and improvement. Our meeting on first Thursday of every month at Society’s house gives room for us to challenge ourselves to attain greater excellence.
The executive committee do meet every last Thursday of the month where they will consider, treat all mails and loan applications and recommend for approval of the general members at the general meetings holding at every first Thursday of the month. While any member having a loan application, request for any information and transaction for the executive committee’s consideration shall submit his/her letter on or before 20th of every month.
