INHURD-FUNAAB Cooperative Posts 58% Loan Growth, N10.77m Surplus

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 welfare and financial wellbeing of members.

President of Society, Mrs. Ramota Adegbite, disclosed this at 9th Annual General Meeting (AGM) held on October 7, 2026, at Tunde Lemo Hall, ICGNS Building, Federal University of Agriculture, Abeokuta (FUNAAB).

Representing Vice-Chancellor, Prof. Babatunde Kehinde, Senior Deputy Registrar, Vice-Chancellor's Office, Mr. Moses Ayanda, commended Cooperative for its achievements, urging members to prioritise both physical wellbeing and financial security.

Vice-Chancellor advised members to maintain healthy lifestyles and make prudent financial decisions, stressing sound health and responsible financial management were essential to wellbeing of individuals and their families.

Presenting Management Report for 2025 financial year, Mrs. Adegbite disclosed membership increased from 316 in 2024 to 367 as at December 31, 2025, representing 16.1 percent growth. She added members' basic savings stood at N60.27 million, while members' shares totalled N30.33 million.

She further revealed Society's loan portfolio rose from N66.61 million in 2024 to N105.30 million in 2025, representing 58.1 percent increase. According to her, development reflected increased utilisation of Cooperative's credit facilities by members, while underscoring importance of prudent lending and effective loan recovery.

President also announced Society recorded net surplus of N10.77 million in 2025, compared with N8.22 million in 2024, representing increase of about 31 percent. Dividend of N5.65 million was proposed for members for financial year under review

Mrs. Adegbite attributed achievements to confidence, commitment and active participation of members, noting progress demonstrated 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 Management Committee would intensify efforts towards savings mobilisation, responsible lending, transparency, accountability and improved communication.

She appreciated University Management, cooperative regulators, stakeholders and members for their continued support, particularly Director of INHURD and Patron of Society, Prof. Sheriff Adewuyi, as well as representatives of Ogun State Ministry of Community Development and Cooperative Services and other cooperative societies within University community

She also commended members of Executive Committee and Board of Trustees for their dedication, urging members to sustain values of discipline, trust, cooperation and active participation needed to build stronger and more financially resilient Society.

Registrar of Cooperative Services and Society Account Officer, Ms. Abimbola Oworu, expressed gratitude to God for His grace, guidance and protection, while appreciating University Management, regulatory authorities and other stakeholders for their support and goodwill towards Society.

AGM ended with renewed commitment by Management Committee to consolidate gains recorded and position Cooperative for greater growth, financial sustainability and improved member welfare.