A thrift and cooperative society called Comkadosa 89ers Thrift and Cooperative Society was established as part of a larger welfare strategy. Details regarding the Cooperative and how to register is highlighted below.
Aims and Objectives:
1. To promote savings and contributions towards long-term low risk investments.
2. To encourage a savings habit amongst members.
Membership:
1. Interested up-to-date due paying members of Command Kaduna Class of 89 Foundation with minimum unbroken 12-month due payment record prior to application for membership.
2. Payment of a non-refundable registration fee of N2,000.00.
3. Membership can be terminated if a member defaults on a loan, ceases to be a member of the Command Kaduna Class of 89 Foundation, has a criminal conviction, financial impropriety such as embezzlement of Co-Op funds or any other act capable of undermining the aims and objectives of the Co-Operative Union.
4. If a membership is terminated all accrued contributions less dues, interests on loans including capital and a 5% administrative charge will be reimbursed to the departing member.
5. To join click on the Registration Form
Administration:
1. The Co-Operative will be run by 8 officers (Executive Committee) currently led by Mrs Jacqueline Jenson-Fruciano as President with Mr Omoniyi Okeegbe as Vice-President
2. Elections of officers will occur every 2 years at the Annual General Meeting.
3. Election to the various offices is open to all Co-Op members with no outstanding monthly dues
Meetings:
1. Executive meetings to be held every quarter
2. AGM involving all members to be held annually
Funding of Co-Operative:
1. N5,000 minimum monthly contributions / subscription by members.
2. N2,000 administrative charge for members wishing to temporarily adjust their monthly dues.
3. Individual members’ savings into the Co-op account – this does not replace monthly dues of N5,000 and is not mandatory.
Loans:
1. Loans are not disbursed to members for the first 24 months from Incorporation of the Cooperative.
2. Members can borrow a maximum of 200% of the balance of their accumulated monthly contributions (excludes savings and other deposits) at agreed interest rates.
3. A condition for issuance of a loan is a minimum 6-month continuous payment of monthly dues/contributions.
4. Interest rates for loans vary from 5 – 12.5% depending on the repayment lifespan.
Account Details
Bank: Access Bank Plc
Account Name: Comkadosa 89ers Trift and Cooperative Society Ltd
Account Number: 1448788831
Cooperative General Documents
1. 89 Foundation Trift & cooperative by-laws
2. By-laws Highlights
3. 89 Foundation Trift & cooperative Frequently asked questions (FAQs)
4. Cooperative Registration Form