AWDROP Cooperative Society Records Growth, Plans Expansion, Investment Drive in Oyo

The Association of Waterwell Drilling Rig Owners and Practitioners (AWDROP) Ibadan Cooperative and Investment Credit Society Limited has recorded significant growth in membership, financial turnover and loan support to members, as stakeholders at its Annual General Meeting (AGM) in Ibadan lauded the society’s impact on economic empowerment and poverty reduction.

The AGM was held on Wednesday at the Nigeria Security and Civil Defence Corps (NSCDC) Area Command, Railway Compound, Ibadan.

Speaking during the event, the Chairman of AWDROP in Oyo State, Kolawole Olayinka, described the gathering as historic, noting that the cooperative society had become a major support system for members across the state.

According to him, the initiative was established to assist members facing financial challenges in executing jobs and sustaining their businesses.

He said the cooperative had continued to grow steadily and expressed optimism that the model would be replicated across other states of the federation and the Federal Capital Territory.

“Our members usually struggle financially to complete jobs and meet operational demands. That was what motivated the formation of the cooperative so members can access funds when necessary,” he said.

Olayinka added that AWDROP currently operates in several states nationwide and that efforts were ongoing to strengthen cooperative structures across the country.

Also speaking, representative of the Director of Cooperative Services in Oyo State, Olakanmi Muyiwa Ope, commended the leadership of the society for maintaining transparency and compliance with regulatory standards.

He described the society as a registered and properly supervised cooperative that regularly submits itself for auditing and corrections where necessary.

“The future of this cooperative is bright if they sustain the current tempo. The executives have shown honesty and willingness to accept corrections whenever necessary,” he said.

Ope stressed that cooperative societies play critical roles in reducing poverty and improving socio-economic wellbeing, especially at a time when government alone cannot meet the financial needs of citizens.

He disclosed that some members had accessed loans running into millions of naira, including beneficiaries who obtained between N4 million and N14 million for business expansion.

According to him, the cooperative system had helped members avoid high-interest commercial bank loans while improving their businesses and welfare.

“The society is rebuilding lives and contributing greatly to the socio-economic development of members. Instead of becoming liabilities, members are becoming assets to society,” he added.

President of the cooperative society, Adedeji Araromi, said the AGM provided an avenue for accountability, transparency and review of the society’s activities.

Araromi revealed that membership of the cooperative had increased from about 23 members at inception to over 100 members, while annual bank turnover had risen to more than N300 million.

He attributed the growth to prudent management and careful selection of committed members.

“As of today, the turnover in the bank yearly is over N300 million. We have laid a solid foundation that will be difficult to destroy,” he stated.

Following his re-election, Araromi said the society would focus more on investment opportunities that would directly benefit members.

He disclosed plans to acquire land for allocation to members and to involve individuals in investment projects where profits would be shared collectively.

“We want members to proudly say they own property because of this cooperative society,” he said.

Vice President of AWDROP in the South-West, Areoye Oyeyemi Najim, also praised the Oyo chapter for what he described as a successful and sustainable cooperative model.

Najim said cooperative societies help reduce hardship and poverty by encouraging savings and providing accessible financial support for members.

He noted that among the states where AWDROP operates in Nigeria, the Oyo chapter stood out for effectively managing its cooperative structure.

“This is their sixth year and they have done wonderfully well. I encourage members to continue repaying loans promptly so the cooperative can continue to grow,” he said.