Al-Hayat Relief Foundation Records Significant Growth Of N4 Billion In Nine Years

Inaugurates New Executive Council

ABEOKUTA – The Al-Hayat Relief Foundation has delivered an outstanding performance as announced in its audited financial report for year  2023-2024.

The audited report released at its 7th National General Meeting held in Abeokuta on Saturday showed that the NGO recorded double and triple-digit growth across its major income lines.

The Foundation has catapulted its net worth from N1.5 billion in 2015 to an impressive N4 billion today.

The foundation unveiled its latest financial report, showcasing a staggering 66.30% increase in net assets, with figures climbing from N440,259 in 2021 to a formidable N732,026,186 in 2023.

The National Treasurer of the foundation, Ibrahim Onafemi presented the financial report, revealing the substantial rise in total income from N79,916,091 to N104,228,184, net surplus from N20,822,110 to N13,598,061, and net assets from N300,922,534 to the aforementioned N732,026,186.

Former President of the foundation, Dr. Asif Azeez in his farewell report, highlighted the expansive reach of Al-Hayat, boasting of 108 branches and a membership strength of 23,449 spread across Ogun, Oyo, Osun, Ondo, Kwara, and Lagos states.

The 7th NGM witnessed the presence of distinguished personalities, including Dr. Mutiu Agboke, Resident Electoral Commissioner of Osun State, who chaired the occasion. Oba Prof. Saka Matemilola, the Olowu of Owu, Prof. Kamaldeen Balogun, the Imam of Gbagura, Medical Director, Laafiyah Medical Centre, Dr. Rabiu Kusimo, graced the event, along with other notable figures.

A highlight of the gathering was the enlightening lecture delivered by Prof. Abdul Razaq Alaro, a Professor of Law, who delved into the theme of “Al-Waqf: Principles, Practice, and Management by Islamic Cooperative Societies in Nigeria.”

Prof. Alaro emphasized the significance of WAQF and urged Muslims to differentiate it from other charitable acts such as Zakat and Zadaqat.

He advocated the establishment of a supervisory board by the Nigeria Supreme Council For Islamic Affairs to oversee the management of WAQF, stressing the importance of institutionalizing the practice.

Prof. Alaro also commended the leadership of Al-Hayat for their dedication and called upon members to support their noble initiatives.

With the leadership’s renewed commitment to their cause, Al-Hayat stands poised to continue making a meaningful impact in the lives of the less privileged, guided by the principles of WAQF and Islamic philanthropy.

In his acceptance speech, the new President, Engr. Sikirullahi Adeko expressed profound gratitude for the trust placed in him and outlined his vision for the organization’s future.

Adeko, who assumed the presidency amidst a gathering of distinguished guests including, a royal father, spiritual leaders, and esteemed members of the foundation, began his address with a heartfelt invocation, emphasizing the significance of divine guidance and blessings in the Foundation’s endeavors.

Acknowledging the sterling efforts of his predecessor, Dr. Asif Olatubosun Azeez, and the outgoing executive council, Adeko commended their landmark achievements in elevating Al-Hayat to unprecedented heights.

He lauded their dedication, which had propelled the foundation to a position of prominence unparalleled by any other cooperative society in Nigeria, whether Islamic or conventional.

Building on this strong foundation, Adeko pledged to uphold the values of truth and trust that underpin Al-Hayat’s operations.

He emphasized the importance of corporate governance, identifying it as a cornerstone of the organization’s success.

With a nod to the past administrations, he reiterated the need to maintain and enhance the established governance framework to keep Al-Hayat ahead of its peers.

Adeko’s address resonated with a commitment to continuous improvement and innovation.

He outlined plans to explore new avenues in Islamic finance to further benefit the foundation’s members.

Notably, he announced an increase in the maximum loanable amount and Murabaha scheme, signaling a proactive response to the prevailing economic challenges facing the country.

Moreover, Adeko emphasized the importance of accountability, urging all members to uphold the principles of transparency and responsibility in their interactions with the foundation.

He underscored the transformative role of Al-Hayat in providing interest-free financial solutions to its members, urging adherence to repayment schedules to ensure the sustainability of the organization’s mission.

In a call to action, Adeko rallied the membership to embrace a culture of learning and development, highlighting the pivotal role of training in achieving organizational goals.

He called upon members to actively participate in research and knowledge-sharing initiatives, positioning Al-Hayat as a beacon of Islamic finance on the global stage.

Adeko expressed gratitude to his supporters and reiterated his commitment to serving with integrity and dedication.

He extended special appreciation to his wife for her unwavering support and thanked the outgoing executive council for their invaluable contributions.

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