By Esther Sangodele
A Professor of Agricultural Economics at the University of Ibadan, Sulaiman Adesina Yusuf, has urged cooperative societies to embrace digital technology to improve efficiency, strengthen transparency and empower members, while safeguarding their personal data.
Yusuf gave the advice while delivering the keynote address at the ninth Annual General Meeting (AGM) of Bodija (Ibadan) Unique Cooperative Investment and Credit Society Limited, held at the Segun Aganga Hall, International Conference Centre, University of Ibadan.
The ninth AGM brought together cooperative members, invited guests and representatives of the relevant government ministry to review the society’s performance and discuss strategies for its future growth.
Speaking on the theme, “Building Bridges, Empowering Members: Cooperatives in the Digital Age,” the professor said digital transformation could help cooperatives overcome geographical barriers, improve member participation and make financial services more accessible.
He, however, cautioned that technology should remain a tool for serving members rather than an end in itself, stressing that the success of digitalisation depended on trust, accountability, affordability and digital literacy.
According to him, cooperatives must ensure that technology enhances members’ access to information and participation in decision-making rather than merely changing the format of existing operations.
“Digital transformation should be judged not by how many messages were sent, but by whether members are better informed and more able to participate in decisions,” he said.
The professor identified digital exclusion, inadequate internet connectivity, cybersecurity threats, low digital literacy and the cost of devices and data as challenges that cooperative societies must address.
He urged cooperative leaders to invest in training before introducing new software, adopt digital systems in phases and retain non-digital options for members who may be unable to use technology.
Yusuf also emphasised the need to protect members’ personal information and maintain strong internal financial controls as cooperatives digitise their operations.
He called on government and development partners to invest in rural broadband connectivity, reliable electricity, cooperative education and policies that support financial inclusion.
The keynote address was delivered as the society reported positive financial performance for the 2025/2026 cooperative year.
Presenting his stewardship report, the outgoing president, Mr. Olufemi Adesope, said the society’s balance sheet had grown to ₦117 million, while its net surplus available for appropriation stood at ₦5.4 million.
Adesope attributed the performance to disciplined management, prudent investment decisions, improved member participation and the confidence members continued to place in the society.
He said the cooperative had also recorded growth in its membership and continued to pursue initiatives aimed at improving members’ welfare, including its Commodity Purchase Scheme and corporate social responsibility activities.
The outgoing president thanked members in Nigeria and the Diaspora, the executive committee and standing committees for their contributions to the society’s progress.
He urged members to sustain their commitment, describing the achievements recorded during the year as a foundation for further growth in membership, investments, services and community impact.
Adesope was returned as president for the 2026/2027 cooperative year.
In his acceptance speech, he identified membership expansion, stronger savings and capital formation, digital transformation, income diversification, strategic partnerships and improved governance as priorities for the new year.
He said the society planned to accelerate the digitalisation of member registration, savings, loans, investment monitoring, communication and reporting to make its operations more efficient, accessible and transparent.
Adesope also called on members to participate actively in the society’s activities, save consistently, invest wisely and contribute ideas towards its development.
