HISTORY OF BASORUN (IB) OVERCOMERS I.C. COOP. SOCIETY

The idea of a Christian Cooperative Society was received by the family of Richard & Alice Adesokan toward the end of 1985. This concept was born out of the pang of disappointment experienced at the Cooperative Society of Mrs. Adesokan’s place of work. “And we know that all things work together For good to them that love God, to them who are called according to His purpose.”Romans 8:28 This message encouraged us to implement our professions as an Accountant & ex-Cooperative Inspector to start a Cooperative Society that will be based totally on Christian Faith. Its name from inception is ‘Overcomes Thrift, Investment & Credit Cooperative Society’ which later becomes ‘Bashorun (IB.) Overcomers Cooperative Investment & Credit Society with the following objectives: 1. To ensure savings towards becoming owners of houses through communal efforts and to attend to other genuine and financial dealings which is found to be safe and sound; for which assistance is needed. 2. To pull resources together to meet genuine needs of its members: for example, issues of settling children’s school fees and other related expenses. Other reasons are mentioned in the letter attached. In 1985, the initial steps taken included distribution of letters to interested families in Christ Ambassadors Evangelistic Team, Ibadan, to ruminate on the advantages of forming a viable Christian cooperative society to improve members’ financial status.(see attached copy of the letter). The first meeting took place on March 07, 1986 with a small beginning as described in Job 8v7; “though your beginning was small, yet your latter end should greatly increase’. A During the inaugural meeting, the objectives of the Coop. Society were explained, (details attached). Potential members forwarded their applications with initial minimum shares of N600.0 (Six Hundred Naira), and Savings of N5.0 (Five Naira) per month. The first four officials as listed in the minute of the first meeting (copy attached)) carried out the responsibilities of the society before it was officially registered with the Ministry of Industries, Commerce & Cooperatives. PCertificate of Registration was presented ceremoniously on 19th June 1993 at the GooNews House, Bashorun, Ibadan.

The first FourActing Officers were:

1. The President - Mr. Richard B Adesokan

2. Secretary - Mrs. Shola Babalola

3. Treasurer - MrsShola Adeleke

4. Financial Sec. - Sis. Abiola Akingbade

After registration, the number of Executive officers increased to seven (7) by election as follows:

1. President- Mr. Adesokan, R.B.

2. Vice President - Mr. I. O. Adewoye

3. Secretary - Mrs. Ojelabi Nike

4. Assistant Secretary - Mrs. Kumapayi Ronke

5. Treasurer - Mrs. Adeleke Shola

6. Financial Secretary - Sis. Akingbade Biola

7. Ex -Officio - Mr. Asunmo Tunde

The first elected executive officers took over administrations of the society on March 26, 1988 to the glory of GOD. Meetings were held at Elder & Mrs. David & Shola Babalola’s residence at Akobo, Ibadan because of its nearness to the majority of the members. Requirement for membership is being a Christian with unquestionable characters. This gives opportunity to members to trust each other with such financial matters. We thank JESUS CHRIST for the past and present testimonies among the members’. All glory to GOD who initiated the idea of cooperative vision into the foundation members of this society. The concept was borrowed from the first Church after the Pentecost experience in Acts of Apostles, Chapter 4:32-34 ‘And the multitude of them that believed were of one heart and one soul; neither said any of them that ought of the things which he possessed was his own; but they had all things common…..neither was there any among them that lacked…’ Acts 4: 32-34. Initially, the Coop. Society was not charging interests on loans until defaulters were creating bad debts which could cause depletion of shares and investments and affect the loan policy. The officials of the Ministry of Commerce, Industries and Cooperatives also insisted on charging interests on loans. At the early stage, the society was practicing bulk purchase of grocery and other food items among the foundation members. For instance, food items were bought and shared among the interested members of the society. It was a selfless service. However, this was discontinued when some people frustrated the efforts of the organizers. Initially the officials were not receiving remuneration. This cooperative concept has actually reduced poverty amidst members. We pray that we shall all be faithful to GOD who has called us to this service.

Amen.

PREPARED BY ADESOKANS –(MEMBER) - DECEMBER 2020. Best Wishes!

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