Last Updated on October 10, 2026 by Olasunkanmi Olajide
… As Membership Rises, Society Reaffirms Commitment to Members’ Financial Wellbeing
By Femi Dansu
The INHURD-FUNAAB Staff Cooperative Multipurpose Society Limited has recorded significant growth in membership, savings and loan disbursement, alongside improved financial performance, reaffirming its commitment to the welfare and financial wellbeing of members.
The President of the Society, Mrs. Ramota Adegbite, disclosed this at the 9th Annual General Meeting (AGM) held today, October 7, 2026, at the Tunde Lemo Hall, ICGNS Building, Federal University of Agriculture, Abeokuta (FUNAAB).
Representing the Vice-Chancellor, Prof. Babatunde Kehinde, the Senior Deputy Registrar, Vice-Chancellor’s Office, Mr. Moses Ayanda, commended the Cooperative for its achievements, urging members to prioritise both their physical wellbeing and financial security.
The Vice-Chancellor advised members to maintain healthy lifestyles and make prudent financial decisions, stressing that sound health and responsible financial management were essential to the wellbeing of individuals and their families.
Presenting the Management Report for the 2025 financial year, Mrs. Adegbite disclosed that membership increased from 316 in 2024 to 367 as at December 31, 2025, representing a 16.1 percent growth. She added that members’ basic savings stood at ₦60.27 million, while members’ shares totalled ₦30.33 million.
She further revealed that the Society’s loan portfolio rose from ₦66.61 million in 2024 to ₦105.30 million in 2025, representing a 58.1 percent increase. According to her, the development reflected increased utilisation of the Cooperative’s credit facilities by members, while underscoring the importance of prudent lending and effective loan recovery.
The President also announced that the Society recorded a net surplus of ₦10.77 million in 2025, compared with ₦8.22 million in 2024, representing an increase of about 31 percent. A dividend of ₦5.65 million was proposed for members for the financial year under review.
Mrs. Adegbite attributed the achievements to the confidence, commitment and active participation of members, noting that the progress demonstrated the cooperative principles of shared responsibility and collective prosperity.
She, however, identified effective loan administration and recovery, stronger internal controls, improved record-keeping and enhanced service delivery as key priorities, assuring members that the Management Committee would intensify efforts towards savings mobilisation, responsible lending, transparency, accountability and improved communication.
She appreciated the University Management, cooperative regulators, stakeholders and members for their continued support, particularly the Director of INHURD and Patron of the Society, Prof. Sheriff Adewuyi, as well as representatives of the Ogun State Ministry of Community Development and Cooperative Services and other cooperative societies within the University Community.
She also commended members of the Executive Committee and Board of Trustees for their dedication, urging members to sustain the values of discipline, trust, cooperation and active participation needed to build a stronger and more financially resilient Society.
The Registrar of Cooperative Services and Society Account Officer, Ms. Abimbola Oworu, expressed gratitude to God for His grace, guidance and protection, while appreciating the University Management, regulatory authorities and other stakeholders for their support and goodwill towards the Society.
The AGM ended with a renewed commitment by the Management Committee to consolidate the gains recorded and position the Cooperative for greater growth, financial sustainability and improved member welfare.
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