Answer: January 2nd, 2017 Q: When was it registered? A: April 4th, 2017 Q: What is the membership fee of the society? A: The membership fee for a new member is #40,000 (Fourty thousand naira only) and the breakdown is as follows: Development levy - #15,000 (Fifteen thousand naira only); Registration - #5,000 and a pair of passbooks - #5000 (Five thousand naira only). The AGM fee for the last cooperative year is N15,000. Q: Is this the same as the annual membership fee? A: The annual membership fee is #20,000 (Twenty thousand naira only) consisting of the Development levy - #15,000 (Fifteen thousand naira only) and Registration - #5000 (Five thousand naira only). The AGM fee is determined at the beginning of every cooperative year by the members. The fee is non-refundable. Q: What’s the difference between the membership fee for a new member and the annual membership fee? A: The difference is that the former is the fee payable to become a member while the latter is the fee for renewal of membership on an annual basis. Q: How much is the share capital per member? A: The share capital is #1,000,000 (One million naira) per member. A decision to review the share capital was taken at the April 2024 meeting of the cooperative. The decision was informed by the need to increase the capital base of the cooperative in the light of regulatory concerns and the soaring cost of goods and services across the board in the country. Q: What if I wish to pay more to increase my stake in the cooperative society? A: The essence of a cooperative society is that all members have an equal stake in the venture – no member is superior to another and that why the share capital is the same for every member. This also underscores the democratic structure of the association with each member having one vote. Q: How can I increase my stake in the cooperative? A: You can increase your stake by increasing your savings – you can save as much as you like as there is no limit to your savings. Q: What constitutes my asset in the cooperative? A: Your share capital plus your savings. Q: When can I access a loan from the cooperative? A: 6 months after enlisting in the society; payment of your share capital (#1,000,000); attendance of the monthly meetings (if the member is resident in Ibadan, Nigeria); and the member must be in good standing in the society. Details of eligibility for a loan are fully stated in the loan policy of the coop society. Q: How much loan can I access in relation to my assets in the coop society? A: The loan ceiling you can access is two times the value of your assets. However, a new special business loan was introduced recently to support members SMEs and members can access three times of their assets under this scheme. Q: What interest rates do the loans of the coop society attract? A: It depends on the reason for obtaining the loan – for example, is it for business, housing, educational purpose, or hospitalization? The interest rate for each of the above-stated reasons is stated in the loan policy of the society. Q: When does the coop society have its meetings? A: First Saturday of every month except the month of the Annual General Meeting (AGM) Q: What are the criteria for a member to be of good standing in the coop society? A: Must have fully paid up the minimum share capital of N1,000,000 (One million naira only) and other prescribed fees of the cooperative as agreed at the inaugural meeting of the cooperative: Membership - #5000; Development Levy - #15,000; Passbook - #5000; AGM – (Levies will be set from time to time) - No due loan payments. - Contributed his/her savings consistently for the past 6 months. - Been a financial member for the last 6 months. - Must have attended at least 50% of the monthly meetings of the society in the past 6 months Q: What is the source of funding for the Annual General Meeting (AGM)? A: AGM dues (usually determined by members at the beginning of every cooperative year) and voluntary sponsorship from members and friends of the society. FREQUENTLY ASKED QUESTIONS
Question: When was the cooperative society established?