Notes

Note 1 – Cash and Bank Balances

The balance on the Society’s Zenith Bank account as at 31st March 2026 is ₦891,277.90

Note 3 – Member Loans

A total of ₦2,290,000 has so far been issued to members as Loans. ₦920,000 out of this amount has been repaid, leaving an outstanding of ₦1,370,000.

A member can take out a general-purpose loan, the amount of which 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.

Note 5 – Insurance Fund

Here is a breakdown of the total ₦2,009,000 insurance premiums collected by year.

1. 2022 | ₦394,500
2. 2023 | ₦317,500
3. 2024 | ₦180,500
4. 2025 | ₦388,000
5. 2026 | ₦666,000
6. 2027 | ₦50,500
7. 2028 | ₦12,000
8. 2029 | ₦12,000
9. 2030 | ₦6,000

Total | ₦2,027,000

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

Hence the balance on the insurance fund is ₦ 1,627,000

Note 6 – Thrift Savings Fund

As at 31st March 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 31st March 2026, 54 members have registered hence the total Registration Fees of ₦54,000.

The List of registered members and their shareholding

1. David Aniagboso (129 Shares)
2. Eucharia Anolue
3. Muojekwu Caleb Ozulonye
4. Ijeoma Ozulonye
5. Stephen Anolue (10 Shares)
6. Basil Ezenwafor
7. Nestor Okeke
8. Stephen Uchenna Ezeokafor
9. Ugochukwu Okoli
10. Cyril Igwebuike
11. Roseline Ike
12. Vincent Onyenwe
13. Ifeoma Ezeike
14. Jane Ekwunife
15. Nkechi Ezeokoye
16. Chidimma Ezekannagha
17. Chukwudi Francis Anaike
18. Onyejiaku Emmanuel Ebere
19. Azubuike Kenneth Nwankwo
20. Beatrice O Iloh
21. Nonso Nwankwo
22. Ogochukwu Judith Iloh
23. Ugochukwu Ezenwosu
24. Amara Ibeh
25. Christian Okonkwo
26. Amaechi H Ezeokoye
27. Ignatius Ezeh
28. Emeka Godwin Ezenwankwo
29. John Ekemezie (20 Shares)
30. Joevita Ibeh
31. Atuoma Anayo Okechukwu (10 Shares)
32. Golibe Atuoma (10 Shares)
33. Christian Ezeokoye
34. Patience Ezekoye
35. Nwankwo Kenechukwu (15 Shares)
36. Uba Aloysius Ndubuisi (10 Shares)
37. Atuchukwu Atuoma (10 Shares)
38. Chisom Nwankwo
39. Raymond C Okafor
40. Chidi Okoli
41. John Aniagbaoso
42. Okoye Benataokwu Emmanuel (10 Shares)
43. Ewenike Cyprian
44. Chibundo Ezeghalike
45. Sylvester Ikechukwu Ezeokoye
46. Nkem Ezeanyika
47. lzuchukwu Ezenwobodo (10 Shares)
48. Arinze Ezenwanne
49. Basil Okonkwo (20 Shares)
50. Festus Chinedu Ezeigwe
51. Ifeoma Ezeokoye
52. Ifeanyi Emenari (99 Shares)
53. Noel Uba (10 Shares)
54. Chibuike Steven Okafor

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 31st March 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

1. David Aniagboso (129 Shares)
2. Stephen Anolue (10 Shares)
3. John Ekemezie (20 Shares)
4. Atuoma Anayo Okechukwu (10 Shares)
5. Golibe Atuoma (10 Shares)
6. Nwankwo Kenechukwu (15 Shares)
7. Uba Aloysius Ndubuisi (10 Shares)
8. Atuchukwu Atuoma (10 Shares)
9. Okoye Benataokwu Emmanuel (10 Shares)
10. lzuchukwu Ezenwobodo (10 Shares)
11. Basil Okonkwo (20 Shares)
12. Ifeanyi Emenari (99 Shares)
13. Noel Uba (10 Shares)

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 +₦90,40875, to -₦4,722.10