Notes

Note 1 – Cash and Bank Balances

The cooperative society operates one current account at ZENITH bank. The balance on this account, as at close of work 5th September 2026, is ₦1,255,553.90.

Note 2 – Accounts Receivables

The cooperative does not have any outstanding debtor balances.

Note 3 – Member Loans

Members can take out general-purpose loans. The amount of such loans must not exceed the maximum credit limit MCL of 300% of their total thrift savings at the time of applying.

The member is also required to present two sureties whose combined savings plus the member’s savings sum up the amount of loan required.

The society applies annual compound interest rate at 5%, which is subject to review without notice.

The society has so far issued a total of ₦2,290,000 to members as Loans, yielding a net interest of ₦90,000. ₦920,000 out of this amount has been repaid, leaving an outstanding of ₦1,370,000.

Note 4 – Accounts Payables

The cooperative does not have any outstanding creditor balances.

Note 5 – Insurance Fund

Section 8.11 “Life Insurance Policy” of the EPA Abuja Constitution provides the framework for the operation of an Insurance Fund between the Society and the Insurance Committee of EPA Abuja, which seeks to provide coverage, in the event of the death of a member or a member’s wife.

Subject to February 2026 review of Insurance provisions of the EPA Constitution and in collaboration with the EPA Insurance Committee, the Cooperative Society provides coverage in the event of death, valued at ₦800,000, for EPA members who pay annual premium of ₦12,000 for couples and ₦6,000 for single members.

Here is a breakdown of the total ₦2,066,000 insurance premiums collected by year.

1. 2022 | ₦394,500
2. 2023 | ₦317,500
3. 2024 | ₦180,500
4. 2025 | ₦388,000
5. 2026 | ₦699,000
6. 2027 | ₦56,500
7. 2028 | ₦12,000
8. 2029 | ₦12,000
9. 2030 | ₦6,000

Total | ₦2,066,000

In 2024, a total of ₦ 400,000 insurance claims were paid out.

Hence the balance on the insurance fund is ₦1,666,000

Insurance Fund Summary	₦
Total insurance premiums collected	2,066,000.00
Total insurance claims paid out	400,000.00
Balance on the insurance fund	1,666,000.00

Note 6 – Thrift Savings Fund

As at 5th September 2026, the total on the Thrift Savings account is ₦202,000.

The Thrift Savings Plan enables members as required by Section 8.7 of our Bye Laws, to make defined contributions on a regular basis to their individual accounts and benefits are based on the amounts credited to these accounts.

 Note 7 – Registration Fees

Section 2.5(b) of the EPA Abuja Constitution as amended 2022, provides that “Membership of the Ekwulobia Multipurpose Cooperative Society Ltd is mandatory, as a direct offshoot of registration, for all members Ekwulobia Peoples Assembly Abuja Branch”.

The guidelines of the Society further require each member to pay registration fee of ₦1000.

As at 5th September 2026, 54 members have registered hence the total Registration Fees of ₦54,000.

The List of registered members and their shareholding

SN	Card	Name	Shares
1	001	David Aniagboso	160
2	002	Eucharia Anolue	0
3	003	Muojekwu Caleb Ozulonye	0
4	004	Ijeoma Ozulonye	0
5	005	Stephen Anolue	10
6	006	Basil Ezenwafor	10
7	007	Nestor Okeke	0
8	008	Stephen Uchenna Ezeokafor	0
9	009	Ugochukwu Okoli	66
10	011	Cyril Igwebuike	0
11	012	Roseline Ike	0
12	013	Vincent Onyenwe	0
13	015	Ifeoma Ezeike	0
14	035	Jane Ekwunife	0
15	043	Nkechi Ezeokoye	0
16	044	Chidimma Ezekannagha	0
17	046	Chukwudi Francis Anaike	0
18	047	Onyejiaku Emmanuel Ebere	0
19	048	Azubuike Kenneth Nwankwo	0
20	049	Beatrice O Iloh	0
21	050	Nonso Nwankwo	0
22	052	Ogochukwu Judith Iloh	0
23	053	Ugochukwu Ezenwosu	0
24	054	Amara Ibeh	0
25	055	Christian Okonkwo	0
26	056	Amaechi H Ezeokoye	32
27	057	Ignatius Ezeh	0
28	058	Emeka Godwin Ezenwankwo	0
29	059	John Ekemezie	20
30	060	Joevita Ibeh	0
31	061	Atuoma Anayo Okechukwu	10
32	062	Golibe Atuoma	10
33	064	Christian Ezeokoye	0
34	065	Patience Ezekoye	0
35	067	Kenechukwu Nwankwo	15
36	070	Aloy Uba	10
37	073	Atuchukwu Atuoma	10
38	076	Chisom Nwankwo	0
39	077	Raymond C Okafor	0
40	100	Chidi Okoli	0
41	108	John Aniagbaoso	0
42	124	Francis Ezemenakaya (Iyierioba)	64
43	139	Emmanuel Benataokwu Okoye	10
44	148	Ewenike Cyprian	0
45	150	Chibundo Ezeghalike	0
46	160	Sylvester Ikechukwu Ezeokoye	0
47	166	Nkem Ezeanyika	0
48	167	Izuchukwu Ezenwobodo	10
49	188	Arinze Ezenwanne	0
50	192	Basil Okonkwo	20
51	200	Festus Chinedu Ezeigwe	0
52	207	Ifeoma Ezeokoye	0
53	208	Ifeanyi Emenari	99
54	251	Noel Uba	10
55	254	Chibuike Steven Okafor	0
56	274	Kingsley Chidozie Nwankwor	10
			576

Note 8 – Shareholding

Every member is further required to hold a minimum of 10 fully paid non-transferable shares at a nominal value of ₦1000 per share.

However, the society’s shares are currently available at a premium rate of ₦1500.

As at 5th September 2026, 13 shareholders own a total of 363 shares, some of which were acquired at premium rate.

Hence nominal shares ₦363,000 plus Premium ₦20,000.00 gives total Share Capital of ₦383,000.00

List of shareholders and their shareholding

SN	Card	Name	Shares
1	001	David Aniagboso	160
2	005	Stephen Anolue	10
3	006	Basil Ezenwafor	10
4	009	Ugochukwu Okoli	66
5	056	Amaechi H Ezeokoye	32
6	059	John Ekemezie	20
7	061	Atuoma Anayo Okechukwu	10
8	062	Golibe Atuoma	10
9	067	Kenechukwu Nwankwo	15
10	070	Aloy Uba	10
11	073	Atuchukwu Atuoma	10
12	124	Francis Ezemenakaya (Iyierioba)	64
13	139	Emmanuel Benataokwu Okoye	10
14	167	Izuchukwu Ezenwobodo	10
15	192	Basil Okonkwo	20
16	208	Ifeanyi Emenari	99
17	251	Noel Uba	10
18	274	Kingsley Chidozie Nwankwor	10
		Total Shares	576

Note 9 Reserves

The negative balance inherited from Handover note 2020, ₦(95,130.85), has been reduced by positive Retained Earnings (largely from loan interests less bank charges) of ₦90,184.75, to ₦(4,946.10)