28/08/2026
CFA RECORDS HISTORIC N44M SHARE CAPITAL MOBILISATION, SETS N10M TARGET PER BRANCH
....Adeyanju Challenges Cooperators to Invest More, Repay Loans Promptly and Build a Stronger Financial Institution
The Ogun State Cooperative Central Financing Agency Limited (CFA) has recorded a historic achievement with the mobilisation of over N44 million in share capital during the 2025 financial year, the President of the Agency, Mr. Adeyanju S. K., FICP, has disclosed.
Mr. Adeyanju made the disclosure while delivering the Management Report at the 32nd Annual General Meeting (AGM) of the Agency held on Thursday, August 27, 2026, at the Tayo Sobanjo Cooperative Building, Asero, Abeokuta, Ogun State.
Speaking on the financial performance of the Agency, Mr. Adeyanju emphasised the importance of strong share capital to the sustainability and growth of cooperative financial institutions.
“Share Capital is the lifeblood of every Cooperative Financial Institution. Without adequate share capital, sustainable growth becomes difficult” he said.
According to him, the mobilisation of more than N44 million within a single financial year represented a landmark achievement since the establishment of the Agency.
He disclosed that an additional N8,734,979 was realised from the Five Percent Reserve Fund contribution, further strengthening the financial position of CFA.
Following the achievement, the Board and Management have set a new target of N10 million share capital per branch for 2026.
Adeyanju expressed confidence that the target is achievable, citing the outstanding performance of Abeokuta Branch I, which, with the support and advocacy of Alhaji Wasiu B. Olaleye and Mr. Ramon Sodalubi, had already met and surpassed the N10 million target. He then called on other branches to emulate the achievement.
The CFA President further disclosed that following the 2026 second-quarter assessment, the Agency recorded an additional N40 million in share capital.
He said the development had strengthened the Agency's financial capacity and facilitated seamless loan disbursement to qualified affiliate societies.
Adeyanju specially commended Alhaji Olaleye Tunde, President of Ogun State Co-operative Federation Limited for his advocacy and efforts towards strengthening the share capital base of CFA. He then described Olaleye as a major force behind the Agency's renewed financial stability and growth.
The AGM also heard that the Agency disbursed N88 million in loans to affiliated cooperative societies during the year under review.
Adeyanju said qualified applicants received prompt attention, while the Agency continued to improve its credit administration and monitoring systems.
He added that as of the second quarter of 2026, CFA had successfully disbursed a total of N124 million in loans.
He attributed the achievement largely to prompt loan repayments and increased share investments by affiliates.
The President also announced that CFA benefited from the Ogun State Government's revolving loan scheme through Ogun State Cooperative Federation Limited.
He disclosed that the Federation made available an N80 million revolving loan facility to the Agency, which was subsequently disbursed exclusively to affiliates willing to comply with the stipulated terms and conditions.
Adeyanju urged beneficiaries to honour their repayment obligations to enable more cooperative societies to benefit from future loan opportunities.
On loan recovery, the CFA President disclosed that the outstanding overdue loan inherited from previous administrations had been reduced to N5,220,295.
He assured members that Management would continue constructive engagement with affected societies while strengthening loan monitoring and recovery mechanisms.
“A loan repaid is capital recycled; a loan unpaid is opportunity denied” he added.
He expressed optimism that the outstanding balance would be recovered before the expiration of the tenure of the present Board.
Despite the challenging economic environment, the Agency recorded a net surplus of N1,525,878.75 during the financial year under review.
Adeyanju attributed the positive result to prudent financial management, improved operational efficiency and continued support from members.
He said Management's objective for the coming years is to consistently improve the surplus through increased business volume, efficient cost management and enhanced income generation.
The Agency's Five Percent Reserve Fund initiative is also gaining acceptance among affiliate societies.
As at December 31, 2025, contributions stood at:
Yewa South Branch — N7,645,759
Yewa North Branch — N657,000
Ado-Odo/Ota/Ewekoro Branch — N229,690
Abeokuta Central Branch — N202,530
Total — N8,734,979
Adeyanju appealed to the Director of Cooperative Services and Zonal Cooperative Officers to support the implementation and remittance of the Five Percent Reserve Fund.
He also disclosed that the Reserve Fund attracts dividend, stressing that contributors would not only strengthen CFA but also receive returns on their contributions.
Management also carried out a comprehensive assessment of affiliate societies during the year.
The exercise resulted in the classification of members into active and dormant affiliates.
Dormant affiliates were identified as societies that had neither subscribed to shares nor fulfilled their financial obligations to the Agency for the past two years.
Adeyanju appealed to unions and affiliate societies to reactivate dormant members and encourage regular participation.
Looking ahead, the Agency plans to transform into a modern, financially strong and technology-driven apex cooperative financial institution.
Adeyanju revealed that the long-term aspiration is to transform CFA into a State Cooperative Microfinance Bank owned by cooperators, dedicated to meeting the financial and credit needs of cooperative societies across Ogun State.
In response to challenges associated with unreliable electricity supply, the Agency has commenced investment in a Solar Energy System for its office.
According to Adeyanju, the project is expected to improve operational efficiency, reduce dependence on unstable public electricity supply, lower energy costs and support uninterrupted service delivery.
He appealed to affiliate societies and stakeholders to support the project through voluntary contributions and donations.
As part of its modernisation programme, CFA has introduced a newly redesigned Members' Passbook to improve record keeping, transparency and accountability.
The new passbook accommodates:
Share Capital Contributions, Building Fund Contributions, AGM Levy, Five Percent Reserve Fund Contributions and Other approved levies and financial obligations
Management has also produced new Personal Ledger hardcovers to complement both manual and electronic accounting records.
The AGM also addressed an election matter involving Mr. M. B. Quadri, representing Ijebu Central Branch.
Adeyanju explained that Quadri, having satisfied the constitutional and electoral requirements, was inadvertently omitted from the final stage of the previous election process due to a technical/procedural challenge.
He disclosed that the matter would be presented before the AGM for formal ratification of his representation, in keeping with the principles of fairness, transparency and democratic participation.
The President commended the General Manager, Mr. Yemi Ogundina and other staff of CFA for their dedication and professionalism.
He also expressed appreciation to the Board of Directors, cooperative leaders, affiliate societies, delegates, shareholders and stakeholders for their continued confidence in the Agency.
Special recognition was given to Alhaji Wasiu B. Olaleye, President of Ogun State Cooperative Federation Limited, for his support, encouragement and guidance.
Adeyanju equally acknowledged the Ogun State Ministry of Community Development and Cooperatives for its guidance, supervision and policy support.
Concluding his address, Adeyanju called for greater unity, increased investment, prompt loan repayment and stronger commitment to cooperative principles.
He urged members to support the Agency's development initiatives and work collectively towards building a stronger financial institution.
“The future of this Agency depends on our collective commitment rather than individual efforts.”
He prayed for the continued growth of CFA, the cooperative movement in Ogun State and Nigeria.
The AGM featured the election/constitution of the new Board of Directors, including:
1. Mr. Adeyanju S. K., FICP - President (Abeokuta Central Branch)
2. Alh. Isiaq Ayinde Adekanambi - Secretary (Yewa North Branch)
3. Alh. Abdul Ganiu A. Sorungbe — Treasurer (Ado-Odo/Ota/Ifo/Ewekoro Branch)
4. High Chief S. Akanji Akingbade - Member (Abeokuta Branch 2)
5. Mr. M. B. Quadri — Member (Representing Ijebu Central Branch)
6. Chief Ramoni Alani Sodalubi — Representing Abeokuta Branch I
7. Mrs. Ropo Adebimigbe Obajulawa - Representing Remo Branch 1
8. Mr. Timothy Moradeyo Abiodun — Representing Yewa South
9. Mr. Adeyemi Kabir Bisiriyu — Representing Ijebu North
10. Mr. Stephen Shola Adekunle — Representing Remo Branch II
The AGM witnessed the presence of the Assistant Director of Cooperative Services, Mr. A. Adebiyi, FICP; Mr. Yemi Sorunke, FICP; Alhaji Wasiu Olaleye (President OGSCOFED Ltd), among other distinguished cooperative leaders, delegates, auditors, supervisors, affiliate societies and guests.
