20/12/2025
TIRENI OLUWA COOPERATIVE UNION HOLDS MAIDEN LEADERSHIP RETREAT, SETS PERFORMANCE BENCHMARKS FOR MEMBER SOCIETIES
By Itz Queen Esther
In a significant move to strengthen governance, accountability and operational efficiency within the Cooperative Movement, the Tireni Oluwa Bonojo (Ijebu Ode) Cooperative Multipurpose Union on Friday, 19th December, 2025, successfully held its maiden Union Leadership Retreat.
The retreat, which brought together Union Executives, leaders of affiliate Cooperative Societies and invited stakeholders, was designed as a strategic platform to assess performance, identify gaps and set measurable benchmarks that will guide the Union and its member societies into the next financial year.
At the core of the retreat was the introduction of a Key Performance Scorecard, a structured evaluation framework aimed at objectively measuring the health and effectiveness of Cooperative Societies under the Union. The scorecard allocates a total of 100 points across critical performance areas, including:
Governance & Compliance – 25 points
Financial Performance – 25 points
Internal Control & Accountability – 20 points
Operational Effectiveness – 20 points
Transparency & Ethics – 10 points
This approach, participants noted, reflects global best practices in Cooperative Management and underscores the Union’s commitment to professionalism and sustainability.
The retreat also featured a Core Indicators Checklist, designed to assess compliance with statutory and ethical standards. Key indicators reviewed include the regularity of statutory meetings, maintenance of proper financial records, resolution of audit queries, loan recovery performance, up-to-date bank reconciliation, timely conduct of Annual General Meetings (AGMs), and the absence of major fraud or irregularities.
Based on cumulative performance, societies are to be classified under a Final Assessment Framework as:
Healthy Society (70–100),
Watchlist (50–69), or
High Risk (Below 50).
Union leaders explained that this classification will guide targeted interventions, support and monitoring going forward.
The cooperative societies under the Tireni Oluwa Bonojo (Ijebu Ode) Cooperative Multipurpose Union that participated in the retreat include:
Oluwafoyinsayemi Mobegelu Cooperative Multipurpose Society Limited - OFSAM
Oluwafoyinsayemi Excel Bonojo CMS
Oluwafoyinsayemi Youth Bonojo CMS
Ibukunoluwa Bonojo Cooperative Multipurpose Society
Oluwaseun Bonojo Cooperative Multipurpose Society
Each society engaged in self-assessment and peer review sessions aimed at identifying key issues affecting performance and outlining immediate actions required to address observed gaps.
In his address, the Union President, Hon. Nurudeen Ayodele Omelaja, expressed deep appreciation to all invited guests and the leadership of the various cooperative societies for their active participation and commitment to the retreat.
He described the maiden retreat as a “turning point” for the Union, noting that the structured assessments and frank deliberations would translate into improved performance, stronger financial discipline and enhanced trust among members.
“I sincerely appreciate the presence and contributions of all society leaders here today. This retreat is not just an event; it is a foundation for a more accountable, transparent and result-driven Union. I am confident that the positive outcomes of our deliberations will be evident in the next financial year,” Hon. Omelaja stated.
