The INHURD-FUNAAB Staff Cooperative Multipurpose Society Limited has recorded a 58.1 per cent increase in its loan portfolio, alongside a net surplus of ₦10.77 million for the 2025 financial year.
The President of the Society, Mrs. Ramota Adegbite, disclosed this on October 7th, 2026, during its 9th Annual General Meeting (AGM), held at Tunde Lemo Hall, ICGNS Building, Federal University of Agriculture, Abeokuta (FUNAAB).
Representing the Vice-Chancellor, Professor Babatunde Kehinde, the Senior Deputy Registrar in the Vice-Chancellor’s Office, Mr. Moses Ayanda, commended the Society for its achievements and urged members to prioritise their physical health and financial wellbeing.
He emphasised that maintaining a healthy lifestyle and making prudent financial decisions were essential to securing the wellbeing of individuals and their families.
Presenting the management report for the 2025 financial year, Mrs. Adegbite disclosed that the Society’s membership increased from 316 in 2024 to 367 as of December 31, 2025, representing a 16.1 per cent growth.
She added that members’ basic savings stood at ₦60.27 million, while their share capital totalled ₦30.33 million.
The President 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 per cent increase. She attributed the growth to increased utilisation of the Cooperative’s credit facilities, while emphasising the need for responsible lending and effective loan recovery.
Mrs. Adegbite also announced that the Society recorded a net surplus of ₦10.77 million in 2025, compared with ₦8.22 million in the preceding year, representing an increase of approximately 31 per cent. She added that a dividend of ₦5.65 million had been proposed for members for the financial year under review.
She attributed the Society’s progress to members’ confidence, commitment and active participation, noting that the achievements reflected the cooperative principles of shared responsibility and collective prosperity.
However, she identified effective loan administration and recovery, stronger internal controls, improved record-keeping and better service delivery as key priorities. She assured members that the Management Committee would strengthen savings mobilisation, responsible lending, transparency, accountability and communication.
The President appreciated the University Management, cooperative regulators, stakeholders and members for their continued support. She particularly acknowledged the Director of INHURD and Patron of the Society, Professor Sheriff Adewuyi, alongside 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 uphold discipline, trust, cooperation and active participation to ensure the Society’s continued growth and financial stability.
In her remarks, the Registrar of Cooperative Services and Society Account Officer, Ms. Abimbola Oworu, expressed gratitude to God for His grace, guidance and protection. She also appreciated the University Management, regulatory authorities and other stakeholders for their continued support.
The AGM concluded with a renewed commitment by the Management Committee to consolidate the Society’s achievements, strengthen its financial sustainability and improve members’ welfare.
