The Smart Residences Cooperative successfully concluded its second Annual General Meeting (AGM) on December 5, 2025, at the Astoria, 7th Floor, Destination. The meeting, which began promptly at 10:00 AM with prayers, was a powerful reflection on the Cooperative’s phenomenal growth, financial success, and bold vision for the future.
The AGM kicked off with a welcoming address from the Secretary, Mrs. Njuara. She provided a historical overview, proudly highlighting the Cooperative’s expansion from its early base of 21 members to an impressive 63 members today, including non-company staff. She championed this growth as a testament to the Cooperative’s value and encouraged all attendees to continue spreading the word about its benefits.
Mrs. Njuara then introduced the President, Mr. Seik, commending his leadership in overseeing a significant milestone: the doubling of the Cooperative’s investment over the period.
Following this, President Mr. Seik fostered engagement by inviting members from departments across the organization, including Fleet, Accounting, and Maintenance, to introduce themselves, strengthening the sense of community that underpins the Cooperative’s mission.
Mr. Sec provided a comprehensive report on the Cooperative’s progress since its establishment in March 2024. He reaffirmed the core mission: to cultivate a savings culture and provide members with essential financial assistance through loans.
The financial data presented showcased remarkable momentum:
- Membership: Grew from just nine initial members to 63 members by the end of 2025.
- Total Contributions: Contributions surged from ₦1.25 million in 2024 to a powerful ₦9.75 million in 2025.
- Total Disbursement: The Cooperative disbursed ₦10.395 million to members in 2025, collecting an interest of ₦874,170, demonstrating robust lending activity.
The President expressed profound gratitude for the initial funding and continuous support provided by the Executive Management of Smart Residences, acknowledging their role in facilitating this rapid expansion.
The Cooperative demonstrated shrewd financial management with its investment portfolio. A total of ₦6.38 million was invested, which generated a remarkable Return on Investment (ROI) of ₦8 million, a significant achievement for the year.
Mrs. Njuara commended the progress and then opened the floor for a crucial discussion on future investment strategies, gathering valuable input from members across the organization.
The discussion segment generated a diverse array of actionable ideas, reflecting the entrepreneurial spirit of the membership:
- Awareness & Outreach: Mr. Tunde (Fleet) proposed hosting monthly broadcasts to boost awareness of Cooperative activities.
- Diversified Investments: Suggestions spanned multiple sectors:
- Mr. Yinka recommended emulating successful cooperatives and investing in National Housing Funds for member benefits post-service.
- Chioma and Baba T suggested focusing on investing in small businesses and livestock, respectively.
- Mr. Enyede highlighted the potential profitability of venturing into the transport sector.
- Mariam recommended investing in foodstuffs, while Mr. Gazaki discussed accessing grants and cheap funding.
- Internal Finance: Mr. Victor proposed implementing a peer-to-peer lending system for members.
The President acknowledged the valuable suggestions, noting that while some involved higher risk, a farming initiative focused on livestock (specifically rams) was already in the pipeline for evaluation.
The COO, Smart Residences Ltd., Mallam Aliyu Hassan concluded the meeting with a powerful address, commending the leadership for their outstanding efforts and the , members for their dedication.
He affirmed the bright future of the Cooperative, promising continued support to expand membership and pledging to explore educational programs to raise awareness about the Cooperative’s offerings. The COO strongly emphasized the importance of cultivating a savings culture and even suggested that the Food and Beverage department source protein from the Cooperative’s initiatives, strengthening internal collaboration.
He urged the leadership team to ensure transparency and open communication remain central to all future initiatives.
The meeting concluded on a high note, filled with positive reflections and shared optimism, as the President thanked all participants and encouraged continued active involvement in the year ahead.
