FAQs - Coopital (Lekki) Cooperative Multipurpose Society Limited

General FAQ

• What is Coopital (Lekki) Cooperative Multipurpose Society Limited?

  Coopital (Lekki) Cooperative Multipurpose Society Limited (CCMS) was established as a Cooperative in May 2019 and duly Registered by the Lagos State Government Ministry of Commerce, Industry & Cooperatives to operate as a charity. The Cooperative is supervised by this ministry and guided by Bye-laws for cooperatives.

• Who established the Cooperative?

  The establishment of the society was sponsored by Creditude Global Services Limited who invited individuals to make-up the foundation members of the society.

• How do I become a member?

  - Must be above 18 years.
  - Must be of sound mind, body and spirit.
  - Must be of sound character; not fraudulent nor malicious
  - Provide proof of identity and address (only government issued documents accepted)
  - Pay the application membership one-off joining fees broken-down as follows:
  - Registration – N4,000
  - Initial Share Capital – N50,000
  - Minimum Monthly Savings – N5,000 and above
  - Monthly Dues – N1,000
  Subsequent Monthly Financial Obligations:
  - Minimum Monthly Savings – N5,000 (you may decide to save a higher amount or vary the amount)
  - Monthly Dues – N1,000
  - 1 passport photograph

• Must I be resident in Nigeria to become a Member?

  No. Membership is open to all residents of Nigeria and in Diaspora.

• What do I stand to benefit by becoming a Member?

  Assistance to reach their full potential for savings. Access to affordable loans at low interest rates. Access to Cooperative’s Housing Projects. Wealth building through a contributory savings scheme.

• How often does the Co-operative hold its meetings?

  Once in a quarter. Meetings holds quarterly online and offline on the second Sunday of the second month of each quarter.

• Am I expected to make any financial contributions?

  Yes.

• What are the financial contributions expected of members?

  One-off Registration fee of N60,000.00 broken-down as follows:
  - Registration – N4,000
  - Initial Share Capital – N50,000
  Minimum Monthly Savings – N5,000 & above
  - Monthly Dues – N1,000 Subsequent Monthly Financial Obligations:
  - Minimum Monthly Savings – N5,000 (you may decide to save a higher amount or vary the amount)
  - Monthly Dues – N1,000

• How do I make payments for my contributions?

  Simply login to your membership area and pay with your card or any method available online.

• Is my contribution refundable?

  Yes. Only the savings contributions and share capital are refundable while the dues are not since the monthly due is used-up for the running of the Co-operative. Withdrawal of savings amounts to withdrawal of membership.

• Am I free to exit from the Co-operative at anytime and at will?

  Yes. However, you will be required to give the cooperative a three-month notice after you must have been a member for at least 12 months.

• In the event of my demise what happens to my savings?

  In the event of your sudden demise, all your contribution goes to your next of kin(s) in the ratio specified by you in the registration forms completed by you at the point of joining the co-operative.