OSPAA Reports ₦41.28 Million Assets, ₦3.39 Million Surplus at 2026 AGM

OSPAA stakeholders.

By Samuel Akintola 

The Osun State Polytechnic, Iree Alumni Association (OSPAA) has disclosed that it recorded total assets worth ₦41,279,448 and a surplus of ₦3,389,590 as of December 31, 2025.

The financial statement was presented during the Association's 2026 Annual General Meeting (AGM), where members reviewed the National Secretariat's report and the association's financial performance.

According to the statement of financial position, the association's non-current assets include land valued at ₦30 million, freehold property worth ₦5 million, a vehicle valued at ₦1.8 million, furniture and fittings worth ₦540,000, office equipment valued at ₦450,000, and plant and equipment worth ₦100,000. Current assets comprise ₦998,142 in OSPAA MFB and ₦2,391,448 in UBA, bringing the total assets to ₦41.28 million.

Copy of statement of account.

The financial report also showed that the association generated ₦40.54 million in total income during the period under review. Major sources of revenue included members' annual dues, donations, bank loans and other income.

On expenditure, the association spent ₦37.15 million on various activities, including the 31st anniversary celebration, salaries and wages, secretariat operations, publicity, AGM and convention expenses, vehicle maintenance, legal expenses, printing, and the purchase of office equipment.

The notes accompanying the financial statement indicated that approximately ₦17.73 million was expended on the association's 31st anniversary celebration. The expenses covered programme production, publicity, media coverage, awards, logistics, venue decoration, security, digital display, guest appearances on radio stations, and other related activities.

The report further showed that the association maintains bank accounts with OSPAA Microfinance Bank, MFB, and UBA, while investments in fixed assets account for the largest share of its financial position.

Copy of statement of account. 

Members at the AGM received the report as part of the association's commitment to transparency and accountability in its financial management.

All rights reserved. You have no right to reproduce or publish any content from this website without written permission from NEB.