…Warns on loan defaults, hails hostel project, court victory as Matron calls for peaceful elections
The President of the NSCDC Staff Cooperative Investment and Credit Society Limited, Ogun State Command, SC Semiu Ajijola Elegbede, has led members through a detailed account of progress, reforms and challenges facing the society, declaring that its future rests on collective responsibility and financial discipline.
Speaking at the 17th Annual General Meeting (AGM) of the Cooperative held at its building in Owu Dekudu, Abeokuta,
Elegbede commended members for their resilience and support amid ongoing restructuring efforts, noting that the reforms would ultimately reposition the society for greater efficiency and sustainability.
Describing the AGM as a moment of reflection and planning, the president said the gathering provided an opportunity to assess performance and chart a stronger path forward.
He expressed gratitude to members across all formations for their patience and understanding during the reform process.
“The success or otherwise of this Society lies directly on all of us. No pain, no gain,” Elegbede stated, assuring that the ongoing changes would yield long-term benefits.
Highlighting key achievements recorded under his second term, the president revealed a significant increase in monthly deductions, which he described as a positive indicator of growing member commitment and financial strength.
He also announced the successful completion and commissioning of the Cooperative’s hostel project located around the FUNAAB axis, disclosing that the 14-room facility is already fully occupied by tenants.
According to him, the project, monitored by a specially constituted committee, stands as a major investment milestone for the society and a testament to prudent management.
Elegbede further disclosed that the Cooperative recorded a major legal victory after a 12-year court battle over its land at Phase 1, Obada, Abeokuta, was resolved in its favour.
He said the judgment has provided relief for members who own plots in the area and urged them to commence development.
On financial commitments, the president reaffirmed the society’s consistency in paying interest on members’ Special Savings, noting that it fulfilled a key campaign promise of his administration.
Despite the successes, Elegbede acknowledged persistent challenges, particularly delays in loan disbursement. He attributed much of the delay to loan defaults by members, warning that such practices undermine the Cooperative’s capacity to serve others.
“Any amount defaulted is directly proportional to the loan being expected by another applicant,” he said, urging members to uphold financial discipline and responsibility.
He also identified delays in remittances from the Integrated Payroll and Personnel Information System (IPPIS) as a major operational hurdle, but assured members that efforts were ongoing to resolve the issue.
The president called for renewed commitment to prudence, accountability and collective growth, warning that careless financial behaviour could destabilise the society.
He commended the Ogun State Ministry of Community Development and Cooperatives for its continuous sensitisation and support, which he said had strengthened the Cooperative’s operations.
In her address, the Matron of the Society and Commandant of NSCDC, Ogun State Command, Remilekun Omolade Ekundayo, described the AGM as a vital platform for accountability, transparency and strategic progress.
She praised the leadership of the Cooperative for presenting financial records to members, stressing that transparency remains the foundation of any successful cooperative system.
Ekundayo also lauded the completion of the hostel project, describing it as a landmark achievement and a legacy investment that would benefit both present and future members.
“The successful completion of this project stands as a testament to what can be achieved through unity, prudent management, and a shared vision,” she said.
Addressing the forthcoming Cooperative elections scheduled for December 2026, with transition in April 2027, the Matron cautioned against divisive tendencies, urging members and aspirants to conduct themselves with maturity and respect for due process.
“There should be no room for unhealthy rivalry or actions capable of causing division. This Cooperative must remain united,” she warned.
She also appreciated the Ogun State Ministry of Community Development and Cooperatives for its guidance and supervisory role, noting that its contributions have enhanced the society’s growth and sustainability.
Other dignitaries at the event commended the Cooperative’s leadership for its commitment to transparency and member welfare, urging sustained adherence to the principles of accountability and unity.
The AGM concluded with a renewed call for stronger cooperation among members, as the leadership expressed optimism about a more prosperous financial year anchored on discipline, shared responsibility and strategic investments.
