Our Core Story &
Strategic Vision

Alaseyori Ibukuoluwa Multipurpose Cooperative Society Limited: A History of Vision,Unity and Exponential Growth.

Empowering Economic Growth

In 2016, Nigeria was grappling with economic uncertainty — rising inflation, currency volatility, and limited access to credit for the average citizen. It was against this backdrop that a small but determined group of six individuals came together in a suburb area of Ikorodu (Majidun), Lagos State. They shared a common frustration: traditional banks were out of reach, and small businesses were starving for capital.

Led by a visionary, Mr Alex Niyi Joshua, the six members each contributed what they could with a starting capital of just sixteen thousand naira (₦16,000). They formally registered the Alaseyori Ibukuoluwa Multipurpose Cooperative Society Limited under the Lagos State Cooperative Laws.

“Little drops make a mighty ocean.”

— The founding motto

In the first year, operations were modest. Members met weekly, contributing ₦5,000 each. The first loan of ₦100,000 was given to a member to support his existing business. It was repaid back in full within six months, with an interest of 2 percent on a thousand naira.

By 2017, membership had grown to 30 committed members, but capital remained below ₦200,000. The Cooperative faced different tests when members defaulted on loans, and it was recovered back. Instead of collapsing, the society introduced a group guarantee system and mandatory financial literacy training. By 2019, membership had crossed beyond the four walls of Nigeria to the United States of America with 120 members, and the capital base rose to ₦50,000,000.

The COVID-19 pandemic of 2020 could have destroyed a young cooperative, but Alaseyori Ibukuoluwa adapted swiftly — recognizing that members needed more than loans, the society diversified into emergency loans and investments (purchase of food items).

In 2022, the name “Alaseyori Ibukuoluwa Multipurpose Cooperative Society Limited” was officially adopted, honoring the founder's vision. The “Multipurpose” tag reflected their now-diverse activities: savings, shares, deposits, investments, loans, etc. The years 2023–2025 were transformative — the Cooperative brought on a fellow member who is a Chartered Accountant to audit its accounts, and its capital base has exceeded ₦150,000,000. By the end of the 2025 Annual General Meeting, membership had grown to 200 active members, both in Nigeria and abroad.

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Our Guidelines

Core Operational Anchors

Vision Statement

Every ledger point, dividend metric, and structural disbursement loop is subject to thorough regulatory auditing for complete protection.

Mission Statement

To lift our communities out of poverty by uniting resources, fostering cooperation, and creating sustainable economic opportunities for all members.

Core Values

Unity in Diversity — We pool our varied resources and talents, recognizing that together we achieve what none can alone.
Mutual Responsibility — Every member's success is our collective concern; we rise and lift others as we rise.
Integrity & Transparency — We manage shared resources honestly, with open books and accountable leadership.
Sustainable Empowerment — We create lasting solutions, not temporary relief, breaking poverty cycles through enterprise and education.
Community First — Our cooperative exists to serve members and their communities, prioritizing people over profit.

Gberigbe Branch