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”.

Members register and get the membership card for ₦1000.00, get to open their individual account, and make contributions to their Thrift Savings Plan.

Here is a complete list of registered members of the cooperative society.

Every member is further required to hold a minimum of 10 fully paid non-transferable shares at a nominal value of ₦1000.00 per share.

Shareholders can partake in bonus from investments, appointment to management positions and dividends allocations in the ratio of their shareholding.

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.

Withdrawals

Members may make need-based withdrawal subject to a minimum withdrawal amount of ₦10,000 (or the account balance, if smaller). Any funds withdrawn cannot be repaid to the TSP, and may subject the member to both penalties and loss of potential future earnings.

Payment at Death

If a member dies, then any unpaid balance is paid to the beneficiary(ies) designated. If the participant did not designate any beneficiary(ies), then the “statutory order of precedence” is used, as follows:

1. To the widow or widower,
2. To any surviving children (in equal shares) or their descendants,
3. To any surviving parent or parents,
4. To the court-appointed executor or administrator of the estate,
5. To the next of kin as determined by the laws of the state where the employee/retiree lived at death.

The cooperative’s portfolio includes these areas of activity

1. Thrift Savings Plan
2. Life policy for EPA members
3. Property Loan
4. General Purpose Loan
5. Extensive farming enterprises
6. Bulk commodity purchase and sale to members
7. Severance/retirement plan/package for members

What is a General Purpose Loan?

Members are able to access 300% of their contributions as loan.

A member can take out a general purpose loan, without requiring to state the purpose of such loan. The amount of the loan 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 annual interest rate charged at 5% is subject to review without notice.

The minimum term is one year and the maximum term is five years for the general purpose loan.

What is Property Loan?

This type of loan is applied to the purchase of a unit of the Cooperative’s developed properties. The maximum term for a property loan is 15 years. The interest rate charged (which is fixed for the life of the loan) is set at the time the application is processed.

A processing fee per loan which is taken out of the loan proceeds is applicable. Loans must be repaid via additional repayments outside the thrift contributions. After repayment a member must wait 60 days before applying for another loan.

Members are able to access 300% of their contributions as loan.

As required by section 10.1 of our Bye Laws, no loan shall be granted to:

1. Any individual other than the member of the society except in other manner approved by the management committee.
2. Any member whose instalment of share is in arrears.
3. Any member who has not made thrift saving.
4. For a period exceeding the time limit fixed by the general meeting
5. If it would bring a member’s total indebtedness at the time of the loans to an amount exceeding it Maximum Credit Limit (MCL).

All payments must be made to the Cooperative’s bank account:

Bank Name: Zenith Bank
Account Number: 1015563771
Account Name: Ekwulobia Multipurpose Cooperative Society Limited

Notification of payment should be sent for proper documentation, to this WhatsApp Platform.