Nigerians Can Grow Capital, Assets Through Cooperatives, Says Adesope

Nigerians Can Grow Capital, Assets Through Cooperatives, Says Adesope Nigerians can grow their capital, assets and income through cooperative societies, the newly elected President of The Bodija (Ibadan) Unique Cooperative Investment & Credit Society, Mr Olufemi Adesope, has said.Adesope urged managers of cooperative societies to encourage members to save and invest more consistently while developing attractive investment products and expanding their investment portfolios to ensure continuous growth in capital, assets, income and members’ return on investment.He made the call while assuming office for the 2026/2027 Cooperative Year at the society’s ninth Annual General Meeting held at the International Conference Centre, University of Ibadan.Describing his new responsibility as a call to duty, Adesope said, “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 called for a shift from dependence on traditional cooperative activities to identifying viable businesses, property investments, community projects and other sustainable income-generating opportunities.“The Society should continuously ask: ‘What new opportunities can create additional value for our members?’” he said.Adesope also stressed the need to build relationships with credible financial institutions, professional organisations, businesses, technology companies, other cooperatives and development institutions.He called for continuous training of members and leaders in financial literacy, investment, entrepreneurship, leadership and digital skills.On the need to adapt to developments in the financial world, the new president advocated the digitalisation and automation of the society’s operations.He said this should cover member registration, savings, loans, investment monitoring, communication, reporting and performance tracking.“Technology should make the Society faster, more transparent, accessible and efficient,” he said.Adesope, while commending the Board of Trustees, including the society’s foundation president and past president, Mr Olusegun Sanni and Mr Gbolahan Arogundade, respectively, for their guidance, wisdom and continuing support, said the new leadership would maintain the highest standards of transparency, prudent financial management, risk control and accountability.He also called for measurable annual targets for membership, savings, investments, income, assets and member benefits, with regular performance reviews to ensure 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 said.Also speaking at the AGM, the keynote speaker, Professor Sulaiman Adesina Yusuf of the Department of Agricultural Economics, University of Ibadan, advised people seeking steady financial growth to join cooperative and credit societies and pool resources with others.Yusuf, a professor of agricultural economics, urged members to participate regularly in the growth process and allow their collective investments to grow over time.Speaking on the theme, ‘Building Bridges, Empowering Members: Cooperatives in the Digital Age,’ he challenged cooperative leaders to avoid the pitfalls of the past by embracing digital transformation to encourage more people to join their societies.However, he cautioned that the human element of cooperative societies must not be overlooked in the drive towards 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 said.Yusuf explained that technology could strengthen transparency and accountability by enabling members to access their balances, decisions and records.“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.”