Nigerians can develop their capital, belongings and revenue by cooperative societies, the newly elected President of The Bodija (Ibadan) Unique Cooperative Investment & Credit Society, Mr Olufemi Adesope, has mentioned.
Adesope urged managers of cooperative societies to encourage members to avoid wasting and make investments extra constantly whereas creating enticing funding merchandise and increasing their funding portfolios to make sure steady progress in capital, belongings, revenue and members’ return on funding.
He made the decision whereas assuming workplace for the 2026/2027 Cooperative Year on the society’s ninth Annual General Meeting held on the International Conference Centre, University of Ibadan.
Describing his new duty as a name to responsibility, Adesope mentioned, “We must build on our successes, learn from our experiences and deliberately position Unique Cooperative Society for greater heights.”
Speaking on the theme of the AGM, ‘Building Bridges, Empowering Members: Cooperatives in the Digital Age,’ he referred to as for a shift from dependence on conventional cooperative actions to figuring out viable companies, property investments, neighborhood tasks and different sustainable income-generating alternatives.
“The Society should continuously ask: ‘What new opportunities can create additional value for our members?’” he mentioned.
Adesope additionally careworn the necessity to construct relationships with credible monetary establishments, skilled organisations, companies, know-how firms, different cooperatives and growth establishments.
He referred to as for steady coaching of members and leaders in monetary literacy, funding, entrepreneurship, management and digital abilities.
On the necessity to adapt to developments within the monetary world, the brand new president advocated the digitalisation and automation of the society’s operations.
He mentioned this could cowl member registration, financial savings, loans, funding monitoring, communication, reporting and efficiency monitoring.
“Technology should make the Society faster, more transparent, accessible and efficient,” he mentioned.
Adesope, whereas commending the Board of Trustees, together with the society’s basis president and previous president, Mr Olusegun Sanni and Mr Gbolahan Arogundade, respectively, for his or her steerage, knowledge and persevering with assist, mentioned the brand new management would preserve the very best requirements of transparency, prudent monetary administration, threat management and accountability.
He additionally referred to as for measurable annual targets for membership, financial savings, investments, revenue, belongings and member advantages, with common efficiency opinions to make sure progress.
“ Our goal must not merely be to preserve what we have built, but to continuously grow, improve and create greater value for every member,” he mentioned.
Also talking on the AGM, the keynote speaker, Professor Sulaiman Adesina Yusuf of the Department of Agricultural Economics, University of Ibadan, suggested individuals searching for regular monetary progress to hitch cooperative and credit score societies and pool sources with others.
Yusuf, a professor of agricultural economics, urged members to take part usually within the progress course of and permit their collective investments to develop over time.
Speaking on the theme, ‘Building Bridges, Empowering Members: Cooperatives in the Digital Age,’ he challenged cooperative leaders to keep away from the pitfalls of the previous by embracing digital transformation to encourage extra individuals to hitch their societies.
However, he cautioned that the human factor of cooperative societies should not be ignored within the drive in direction of digitalisation.
“Let us be honest with each other: a digital notice is not the same thing as meaningful participation. An app cannot manufacture trust,” he mentioned.
Yusuf defined that know-how might strengthen transparency and accountability by enabling members to entry their balances, choices and information.
“What it can do, if we build it honestly, is make trust visible: a balance a member can check, a decision a member can read, a record a member can request.
“Technology can support accountability. It cannot take responsibility for it. That responsibility still belongs to us, the leadership and the membership of this cooperative.”
