Wilsar Cooperative President Sarah Yusuf, Says Financial Pressures Forced Restructuring Amid Investor Disputes
By Yahaya Idris, Abuja
The president of Wilsar Multipurpose Cooperative Society Limited, Sarah Yusuf, says the organisation is undergoing financial and operational restructuring after what she described as mounting economic pressures and disruptions linked to disputes with some investors.
In a statement issued on 11 July, Yusuf said the cooperative had enjoyed about six years of sustainable investment returns but argued that rising operating costs, inflation, shrinking business margins and broader economic changes had made its previous investment model unsustainable.
She said management had introduced reforms, including a review of the cooperative’s investment structure, to preserve members’ capital and ensure the organisation’s long-term survival. According to Yusuf, the changes have generated mixed reactions among members, with some pursuing legal action and other enforcement measures.
Yusuf alleged that she and other members of the cooperative’s management and staff had faced repeated arrests, harassment and threats, while some of the organisation’s business premises had also come under attack.
She said the actions had disrupted operations, slowed business growth and placed additional pressure on the cooperative’s finances.
She also claimed that several of those taking legal action were among the cooperative’s longest-serving members who had previously benefited from their investments.
While acknowledging that investors have the legal right to seek the recovery of their funds, Yusuf said repeated legal disputes and operational interruptions had made it more difficult for the cooperative to generate the revenue needed to meet its financial obligations.
According to the statement, Wilsar has begun implementing a recovery plan that includes financial restructuring, a review of its business model, reforms to improve operational efficiency, and the engagement of independent professionals to strengthen governance and oversight.
Yusuf said the cooperative would continue providing updates to members and other stakeholders as the recovery process progresses.
She also invited professional advisers, strategic partners and other interested organisations to support the restructuring efforts.
She called for patience and cooperation from members, investors and partners as the cooperative works to restore financial stability and meet its obligations.
