We provide loan for our members, stock consumer and producer goods for distribution to members, provide professional/financial advisory services and much more. Register now and get notifications on cooperative activities on the go.
Learn MoreWe encourage thrift among members so that each member may cultivate the habit of making savings at least once monthly, with a view to building up funds for their individual future use.
All financial transcations are managed by a customized cloud-based electronic acounting software which processes deposits, withdawals,loans and other transactions and draws /issues the appropraite ledgers, documents and reciepts to members emails
Our system is backed by multi tiered architecture that provides added security to all transation done on our platform. Rest assured, your money is safe with us
Access loans with minimal interest rate and convinient terms of payment.
Lion Multi-Purpose Co-operative Society Limited was incorporated on the 14th day of July, 2021 in Enugu State under the Nigeria Co-operative Societies Act No 98 of 2004. It is a voluntary association of individuals/legal persons united by common bond, who have come together to pursue their socio-economic goals for their own benefits with high regards to non-members.
To provide economic, effective and efficient services that will assist our members bridge the gap of acute and persistent financial deficit through the pool of resources that will be made available by cooperators and driven by cutting edge technology, sound management of financial and other resources with integrity and transparency, while making sure our management team and Staff are optimally motivated in order to add value and deliver quality services to the satisfaction of all stakeholders.
To be the largest and best Cooperative Society brand in Nigeria, providing unparalleled value to our members through innovative financial solutions, sustainable growth opportunities, and a commitment to excellence in all our endeavors.
We encourage thrift among members so that each member may cultivate the habit of making savings at least once monthly, with a view to building up funds for their individual future use.
We provide professional/Financial Advisory Services - Investment appraisal, feasibility studies, business plans etc.
We provide short-term loans for our members at a minimal interest rate with convenient terms of repayment.
We stock consumer and producer goods for distribution to members and non-members; (with priority to members) at fair and reasonable prices.
We operate warehouses and cold room facilities for the storage of consumer and producer goods and let out these facilities to interested parties;
We undertake investment in Real Estate and Housing developments for the acquisition of our members and other interested parties.
Access these specialized services even without cooperative membership
Quick and secure process for beneficiaries to access entitled funds.
Join our land acquisition initiative with competitive terms and flexible payment options for non-members.
Highlights from our projects and events
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A Cooperative Society is a voluntary association of individuals or legal persons united by common bond, who have come together to pursue their socio-economic goals for their own benefits with high regards to non-members as their neighbors.
To promote the economic interests of members, especially through the following:
This means a person or a registered society joining in the application for registration of a society or admitted to be a member after registration in accordance with bye-laws and regulations of the society.
Make your thrift savings; actively participate in all AGMs; engage and exchange valuable ideas with Management Committee members; render any other services as may be required in any capacity in the society.
A non-refundable entrance fee of N2,000.00 shall be paid by a new applicant or such other amount as may be fixed by the Management Committee or the general meeting.
Every member shall on admission sign his or her name or make his or her right thumb impression in the register or be included in the register in any other suitable and convenient form as may be agreed by the Management Committee or the general meeting.
This is a share of the surplus of a registered society divided among its members in proportion to the volume of business done by them in the society for which the surplus is derived.
Dividend means a share of the profits of a registered society divided among its members in proportion to share capital held by them.
Yes, by conveying 6 months notice in writing to the General Secretary and provided such a member is not indebted to the society or standing as surety for a loan of another member that is not yet paid up.
Yes, provided a reasonable interval of not less than 12 calendar months from date of withdrawal of membership is given.
A financial report of the society is presented to all members at the AGM.
Member's ordinary savings contribution shall be paid to the treasurer at ordinary general meeting or deducted from his/her salary and remitted directly to the cooperatives bank account.
No member can withdraw part or whole of his Ordinary savings except on withdrawal of Membership and a service charge of 10% will apply on such withdrawals.
Yes; you can write to the Financial Secretary to obtain your account statement or better still, visit the Society's website with your unique log in details to get your account statement.
Visit the society website and fill the Loan application form. The Management committee shall review request, approve and advise you on the amount approved. Loans request are treated on its merit and approval limits are subject to funds availability.
Your loan limit is thrice (3 times) the total amount of your contribution at the time of submitting request.
Loans are to be paid back within 12 calendar months. However waivers for 24 months may be granted on the merit of the request by the Management Committee. This might attract additional interest.
Loans shall be made only to persons of a minimum of 6 months membership.
The Executive or Management committee shall consist of at least Seven (7) and not more than Eleven (11) members elected at annual general meeting and not more than four (4) Ex-officio members, at least two (2) of who shall be the immediate past President and General Secretary. At the event of the vacancy occurring during the year, he/her shall be elected at any General meeting. Any member aspiring for the position of the President, General Secretary and Treasurer must have spent not less than two (2) years as a member of the cooperative society.
Note: Interest on loans and handling charges shall be collected up-front before disbursement of the loan balance to the beneficiary.
Interest on loan and handling charges shall be collected up-front before disbursement of loan balance to the beneficiary.
The loan shall be repaid in equal monthly installments, the number of which shall not normally exceed twelve (12) or twenty-four (24) months, or any other period as may be agreed by the Management Committee or the General Meeting.
a. First Installment
The first installment shall fall due at the end of the month following the month in which the loan is taken.
b. Simultaneous Savings Contributions
Repayment by installment shall go simultaneously with the payment of ordinary savings and special savings.
c. Recall of Loan and Security Requirements
The general meeting shall be held monthly or at least once in every three months or at any other shorter or convenient time.
I should have attained the age of 16, be of good character, capable of paying my dues and resident in the area of operation of the society or any other place acceptable to the Cooperative.
An Entrance fee of N2,000.00 shall be paid by a new applicant or such other amount as may be fixed by the Management Committee.
This is the minimum compulsory and non-withdrawable amount each member is expected to contribute in order to become a part owner of the society. The current minimum share capital is N100,000.00 which can be paid within the first 20 months of admission to membership. This amount can be reviewed by the management committee subject to approval of 2/3 of the general meeting.
Maximum Share capital is the upper limit a member is allowed to contribute as part owner of the society. The current maximum share capital is N5,000,000.00 which can be upgraded at any time. This amount can be reviewed by the management committee subject to approval of 2/3 of the general meeting.
Ordinary savings is the normal non-withdrawable contribution made by members of the society, which enables them to access loans that are at least three times the total of their savings. Members are to contribute a minimum of N5,000.00 as monthly savings or any other amount that might be subsequently approved by the general meeting or the management committee.
In addition to his/her ordinary savings, member may make special savings which may be withdrawn, leaving minimum of one month’s contribution in this account or withdrawal of the entire sum after deduction of a service charge by the cooperative Society as may be determined or once in every three months, provided that a committee may require not less than two weeks notice to that effect for emergency or on the 14th day of every month for normal withdrawal.
A retirement savings can be made and withdraw-able on retirement or any other stated period that is not less than 10years. This type of savings will enable the owner benefit a minimum of 4% annual interest.
A member may make any deposits of any amount at any time and these may be withdrawn as required provided that not less than a month notice shall be required for withdrawal of large amount.
Buffer savings are irregular deposits made as part of a member’s ordinary savings. However, savings made with the intention to apply for immediate loan is not acceptable, except the member depositing the amount will wait for at least 3 months after buffer savings before applying for loan.
N5000.00 Per Month
Every successful organization is built on so many factors but the most significant factor is human resource. Our success thus far is anchored on enthusiastic, creative, energetic and productive team made up of professionals from various fields of endeavour. Amongst our team are professionals and Chartered Accountants with industry experience, a seasoned legal practitioner and experienced lecturers from the academia. We have over time struck a balance in opinions on the best options that are more suitable to our idea of proposing an innovative way of enhancing cooperative society services.
Therefore, we are glad to oblige you the profiles of our pioneer Management Committee:
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