Answer:

Ndoro Multipurpose Co-operative Society Limited (NMCS) was established as a Co-operative on the 6^th of December 2017 and duly Registered by the FCT Ministry of Agriculture & Co-operatives with registration No. L.S.C.S 12420. The Co-operative is highly regulated by the FCT Bye laws for co-operatives.

Answer:

• Must be gainfully employed (salaried employee or self employed) with verifiable monthly income.
• Must complete application form and pay initial set-up fee of N11,000 (initial share capital of 5,000 shares @ N1 per share – N5000, registration fee – N1,000.00, mandatory savings – N4000 and mandatory monthly dues – N1000).
• Must provide two (2) referees who must have been members of the co-operative for at least 6 months and without records of unpaid dues or contributions.
• Willingness to commit to the mandatory monthly dues of N1,000.00
• Willingness to commit to the mandatory Savings of N4,000.00
• 1 passport photograph

• Valid Identification

• Copy of Utility Bill

Answer:

No. But a financial member of Ndoro Welfare Association is automatically a member and is required to sign up accordingly.

Answer

No. Membership is open to all.

Answer

• Referral to Primary Mortgage Institutions for Mortgage Loan.
• Access to soft loans.
• Beneficiary of Co-operative’s Housing Projects.
• Promotion of mandatory savings scheme
• Access to Contributory Savings funds.
• Access to Co-operatives’ periodic household items sales

Answer

Obviously, only monthly income earners will be able to participate in the mandatory monthly contributions of N5,000 without which your membership becomes null and void. Our goal is to encourage savings.

Yes

Answer

• Registration fee of N1,000.00
• 5000 initial share capital of N5,000.00
• Mandatory Monthly dues of N1,000.00 
• Mandatory Savings of N4,000.00 (You may choose to save above this amount).

Answer

1. You have the option of participating in the Ndoro Multipurpose Special Savings (NMSS) which has a minimum entry contribution of N250,000.00. This scheme is not mandatory to all members but only for those interested in taking advantage of a rear investment scheme.
2. You can also buy more shares other than the initial 5000 share capital but not exceeding 20% of the total share capital of the cooperative (1 Million Share Capital)

Answer

Payments can be made through any of the two means:

• Payment on the meeting day to the Treasurer
• Direct payment into the Co-operative bank account.

Answer

Yes. Payment into the Co-operative bank account as detailed below:
Name: Ndoro Multipurpose Cooperative Society Ltd.
Bank: Fidelity Bank Plc.
Account No: 5610084397

Answer

Yes. You may issue as many postdated cheques as possible to be presented for payment as at when due.

Answer

Yes. Only the savings contributions are refundable while the dues are not since the monthly due is used-up for the running of the Co-operative.

Yes. However, you will be required to give the cooperative a minimum of three (3) months notice.

Answer

Yes. The Co-operative is highly regulated by the Federal Ministry of Agriculture and Co-operatives, FCT. Furthermore, the Co-operative is:

• Managed by indigenes of Ndoro & members of Ndoro Welfare Association, Abuja Branch.
• Managed by seasoned professionals who are very ethical and concerned for their name, practice, and reputation.
• Open to annual audits of its books by bookkeepers appointed by the Director of Co-operatives, Abuja FCT
• Annual General Meetings are held every year, which provides opportunities for members to offer themselves for election into the Executive Committee (Exco) of the Co-operative.
• Tenor for office holding is as defined in the Co-operative byelaws.
• The Co-operative is a duly registered and a recognized legal entity.

Answer

Presently, the cooperative is governed by a Management Committe pending optimal operations and election. The members are:

1. President – Ugo Mpamugo
2. Secretary – Chinenye Ebillah
3. Assistant Secretary – Uche Ekeke Esq.
4. Treasurer – Madam Felicia Kanu
5. Financial Secretary – Alozie Nwankwo
6. Adviser – Chief Maduka Anyim
7. Ex-Officio – Chief Arthur Chikere

Answer

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.