UNILORIN probitas records financial growth
By Isaac Lewu
The immediate past President of Unilorin Probitas Multipurpose Cooperative Society Limited, Mr Toyin Mohammed Alabi, has announced a significant improvement in the Society’s financial performance, with its net worth rising from N317.58 million in 2024 to N351.39 million in 2025.
Mr Alabi disclosed this at the Society’s 27th Ordinary General Meeting held on Thursday (October 29, 2026) at the UNILORIN Non-Academic staff Union Secretariat where he presented the financial reports for 2024 and 2025.
He said that the Society recorded a gross surplus of N27.03 million in 2025, compared with N25.49 million in 2024, while its net surplus increased to N21.69 million.
The President added that dividend payments rose by 21.7 per cent, from N11.13 million in 2024 to N13.55 million in 2025. He also disclosed that the society granted loans worth N154.89 million during the year, recording a 96 percent recovery rate, which he said reflected its commitment to effective credit management.
Highlighting the Administration’s investments, Mr Alabi said the Society’s 20-unit shopping complex generated N2.4 million, while its hostel investment continued to provide returns to members. He further disclosed that the society invested in N37 million worth of Federal Government Bonds and maintained about N35 million in its bank accounts after dividend payments and other statutory obligations.
Mr Alabi attributed the achievements to transparency, accountability, prudent financial management and peaceful coexistence among members. He appreciated the members, staff and the Kwara State Ministry of Business Innovation and Technology for their support, while acknowledging the contributions of past presidents and promising continued growth and improved returns for members.
The newly elected President of the Cooperative Society, Mr O. O. Osenni expressed appreciation to members for the confidence reposed in the new leadership, pledging to promote transparency, dedication and inclusive administration.
Mr Osenni gave the assurance in an acceptance and appreciation speech following the election and swearing-in of the new executive members.
The new President described the emergence of the new leadership without a contest as a reflection of unity, mutual trust and a shared commitment to the society’s progress, urging members to remain united, actively participate in the affairs of the cooperative and support initiatives that would promote collective growth, financial security and members’ welfare.
Also speaking, the Kwara State Commissioner for Business, Innovation and Technology, Hajia Damilola Yusuf- Adelodun, commended the University authorities for providing an enabling environment for cooperative societies to thrive on campus. She also applauded the management and committees of Probitas Multipurpose Cooperative Society Limited for prudent management of resources, improved returns on investment and prompt disbursement of members’ loans and other entitlements.
The Commissioner, who was represented by Mr Taofiq Jimoh,urged members to sustain their support for both the outgoing and incoming executive committees, noting that members remained the most powerful organ of the society.
Hajia Adelodun further encouraged members to maintain cordial relationships, increase their share subscriptions to enjoy higher annual dividends and sustain the unity necessary for the society’s growth.
She also reminded the outgoing management committee of the need to prepare the society’s annual accounts within 90 days after the end of each accounting year, in line with the Kwara State Cooperative Law and Regulations, Cap. C19 of 2015.
She appreciated former presidents of the society for laying a solid foundation for its continued growth and development.
