Omnibus Global Multipurpose
Cooperative Society (Og-Mcs)
*Name, Address And Area Of Operation*
The Society Shall Otherwise Be Known As *Omnibus Global Multipurpose Cooperative Society* (Og-Mcs).
*The Area Of Operations* Of The Society Shall Be Within Nigeria And Beyond Where The Society Might Have Interest.
*Objectives Of The Society*
*Omnibus Global Multipurpose Cooperative Society* (Og-Mcs) Is A Membership-Based Initiative That Provides Youth Employment, Grants, Food, Medical Aid, Business Training & Affordable Microfinance, Among Other Innovative Support Schemes; Leading To Improved Quality Of Life, Income Profiles And General Welfare Of Its Members
The Objects Of The Society Are To Promote The Economic Interests Of Its Members And Especially;
- To Acquire Acres Of Land For Sale Or Development For Housing, Commercial Or Industrial Purposes As A Form Of Investment For The Economic Benefit Of Members And Non-Members Alike As Occasion May Warrant;
- To Acquire Or Pool Members' Farmlands For Large Scale Arable And Livestock Farming;
- To Cultivate Such Land For Food And Cash Crops And Also Rear Livestock, Including Poultry, Piggery, Fishery Etc
- To Undertake Or Invest In New Ventures Beneficial To The Members And The Society As Approved By The Management Committee. These Include Project Financing, Production, Restaurant Business, Bars, Guest House, Supermarket Chain, Trading Company, E.T.C.
- To Encourage Fixed Deposits From Members Out Of Which A Fund May Be Established For Giving Short-Term Loans To Members, To Acquire Stock Of Shares And Other Rewarding Ventures;
- To Raise Capital And Do Such Other Things As Are Necessary For The Attainment Of These Objects;
- To Set Up Small And Medium Scale Industries; E.G Food Packaging And Cottage Industry Efforts Etc.
- To Produce, Package And Sell Economic And Viable Items For The Benefits Of Members.
- To Operate Warehouse And Cold Room Facilities For The Storage Of Consumer And Producer Goods And Let Out These Facilities To Interested Parties;
- To Manage Financial Portfolios Carefully By Entering The Stock Market For Investment In Stocks And Financial Futures Options’ Market. In This Way, The Society Shall Become Part Owners In Businesses That Produce Goods And Services That Members Buy;
- To Seek Loans For Industrial/Housing Development From Banks, The Cooperative Circle And Other Financial Institutions;
- To Undertake Real Estate Activities For The Benefit Of Members And The Society.
- To Take Measures That Would Promote Among The Members, The Spirit Of Thrift, Mutual-Help And Self-Help Based On Cooperative Principles;
- To Engage In Consultancy And Any Other Economic Or Social Activity.
- To Provide Credit Facilities To Members At Fair And Reasonable Rate Of Interest For Provident And Productive Purposes;
- To Encourage Regular Savings Amongst Members So That Each Member May Cultivate The Habit Of Making Savings At Least Once Weekly, With A View To Building Up Funds For Their Individual Future Use;
- To Stock Consumer And Producer Goods For Distribution To Member And Non-Member; (With Priority To Members) At Fair And Reasonable Rates Of Interest;
- To Serve As A Platform For Financial Inclusion With Special Focus On Less Privileged Members.
- To Empower Low Income Earners In General And To Create Wealth Through Business Development Activities.
- To Promote A Savings Culture Among Low Income Earners In General.
- To Provide Financial Literacy, Entrepreneurial Skills And Training To Enable Beneficiaries To Create And Manage Wealth Through The Application Of Proven Wealth Creation Principles.
- To Provide A Platform That Facilitates Capital Accumulation Among Low Income Households In General Through A Disciplined Savings Culture And The Creation Of Cash Flow Activities Thereby Enabling Participation In Active Business Development And Economic Activities.
- To Provide Platforms That Enhances Corporate Governance, Agro Chain Development, Risk Management, Social Advocacy, Enterprise Development And Support In General.
- Provision Of Credit To Economically Active Less Privileged People In General, Including Formal And Informal Self-Help Groups.
- Promotion And Monitoring Of Loan Usage Amongst Beneficiaries In General By Providing Ancillary Capacity Building In Area Such As Record Keeping And Small Business Management.
- Provision Of Loan Disbursement Services For The Delivery Of Credit Program Of Government, Agencies, Groups And Individuals For Poverty Alleviation In General.
- Operation Of Micro-Leasing Facilities, Micro-Housing, Micro-Finance Related Hire Purchase And Arrangement Of Consortium Lending And Supervise Credit Schemes To Ensure Access To Financial Inclusion In General.
- To Improve The Income Of Less Privileged Youth And The Financially Challenged In General.
- To Improve Food Security And General Living Conditions Of Females In General.
*Our Vision* Is To Provide The Following Business, Management & Financial Solutions To Our Beneficiaries Which Include Individuals, Micro-Enterprise Owners And Traders:
- Daily/Weekly Savings Platform
- Micro-Credit Provision Platform
- Money Management Services
- Small Business Capacity Building
- Financial Advisory
- Retirement Planning
- Financial Planning
- Small Business Technology Support
- Small Business Loans & Risk Management
- Small Business Investment Advisory
- Small Business Mentor-Ship
- Small Business Micro-Finance
- Small Business Management Support
- Small Business Planning & Strategies
- Small Business Micro-Insurance
- Small Business Proposals & Write-Ups
- Target Savings Platform
- Fixed Deposit Investment Opportunities
*We Will Be At The Fore Of The*
- Identification Of Innovative Blue Ocean Business Opportunities
- Support Of New & Existing Member Enterprises
- Production Of Bankable Business Plans For Our Members
- Formal Registration Of Business Enterprises At The Corporate Affairs Commission In Abuja On Behalf Of Our Members Among Other Activities.
*Our Aim Is To Help Our Members*
- Make Informed And Strategic Investment And Risk Management Decisions Based On Their Pre-Analyzed Investment And Life Goals.
- Decide The Most Suitable Job Or Investment Options For Them Based On Their Life/Financial Goals.
- Access Credit Where Necessary Based On Well Structured And Assessed Repayment Plans.
- Manage Their Finances Better And More Efficiently Using Superior Wealth Growth Strategies.
- Get Exposed To Money Making, Wealth Building Lifestyles And Investment Options.
- Access Investment And Risk Management Packages That Improve On Their Present Bottom Lines By At Least 20-30% In Most Cases.
*Other Benefits To Members Include*
• Free Insurance Consulting
• Free Finance Consulting
• Free Business Consulting/Re-Structure
• Free Credit Appraisal
• Free Capital Market Advisory
• Need-Based Mentoring
• Development Of Bankable Business Plans.
• Facilitation Of Procurement Of Business Equipment.
• Provision Of Entrepreneurship Training & Services.
• Facilitation Of MSMEs Participation In Trade Fairs
To Take Other Measures Designed To Encourage The Spirit And Practice Of Cooperative And Self-Help Among Members.
*MANAGEMENT COMMITTEE*
- President/Executive Director
- Head, Compliance, Monitoring & Control
- Head, Membership Mobilization & Management
- Head, Human Resources Mgt. & Training
- Head, General Administration
- Head, Finance & Accounts
- Head, Loan & Risk Management
- Head, Programme Development
- Head, Information And Communication Tech.
- Head, Private Public Partnership
- Head, Recovery
*NON-EXECUTIVE DIRECTORS*
- Director, Compliance, Monitoring & Control
- Director, Membership Mobilization & Management
- Director, Human Resources Mgt. & Training
- Director, General Administration
- Director, Finance & Accounts
- Director, Loan & Risk Management
- Director, Programme Development
- Director, Information And Communication Tech.
- Director, Private Public Partnership
- Director, Recovery
*OPERATION TEAM*
- President/Executive Director
- Regional Coordinators
- State Coordinators
- Area Coordinators
- Unit Coordinators
- Regional Directors
- State Directors
- Area Directors
- Unit Directors
- Head, Compliance, Monitoring & Control
- Head, Membership Mobilization & Management
- Head, Human Resources Management & Training
- Head, General Administration
- Head, Finance & Accounts
- Head, Loan & Risk Management
- Head, Programme Development
- Head, Information And Communication Tech.
- Head, Private Public Partnership
- Head, Recovery
- Head, Security (CSO)
*MEMBERS OF STAFF*
- Compliance, Monitoring & Control Officers
- Membership Mobilization & Management Officers
- Human Resources Management & Training Officers
- General Administration Officers
- Finance & Accounts Officers
- Loan & Risk Management Officers
- Programme Development Officers
- Information And Communication Technology Officers
- Private Public Partnership Officers
- Recovery Officers
- Security Personnel
- Consumer Products Committee
- Ethics And Corporate Governance Committee
There Shall Be A Business And General Investment Committee, Which Shall Consist Of At Least Five (5) Members Appointed By The Management Committee And The Headship Of Which Shall Also Be Appointed By The Management Committee.
*Consumer Products Committee*
Constitution Of Consumer Products Committee:
There Shall Be A Consumer Committee, Which Shall Consist Of At Least Five (5) Members Appointed By The Management Committee And The Leadership Of Which Shall Also Be Appointed By The Management Committee.
*Creation Of Funds*
Sources Of Funds:
The Funds Of The Society Shall Comprise Of;
- An Undetermined Number Of Shares Valued At N100 Each. Minimum Of 100 shares per member.
- Yearly Membership Fees(N3,000), Proceeds From Sales Of Loan And Membership Forms
- Savings Of Members As Defined In By law 8.7
- Surplus Arising Out Of The Business Of The Society
- Interest Received From Loans, And Miscellaneous Sources As Approved By The President/Executive Director
*Deployment Of Funds*
The Funds Of The Society Shall Be Devoted Only To The Promotion Of The Stated Objectives Of The Society, Or To Any Other Activity Permitted In These By laws, And Any Other Purposes Approved By The General Meeting And The President/Executive Director.
*Share Holding*
Every Member Shall Hold Fully Paid Shares Of At Least 100 Full Shares At A Nominal “Value Of N100 Per Share Which Shall Not Be Transferable Except To A Nominee In Accordance With By law
The Minimum Share Holding Can Be Increased Or Decreased By The Decision Of The General Meeting As The Business Of The Society May Demand.
A Member Will Pay The Full Value Of The Minimum Share Holding On Submission Of His/Her Membership Application Or As May Be Decided By The Management Committee.
Members Who Do Not Pay The Full Value Of The Minimum Shareholding As Prescribed Shall Not Be Entitled To Any Bonus From The Investment Of The Share Capital.
A Member Can Hold Any Number Of Shares In Excess Of The Minimum Shareholding But Not Exceeding 20% Of The Total Paid Up Share Capital By All Members At Any Point In Time.
*Entrance Fees/Re-Entry Fees*
Every Member, On Joining The Society Shall Pay An Entrance Fee, As May Be Determined By The Management Committee From Time To Time (N3,000 For Now). While Any Member Who Had Earlier Resigned/Withdrew His Membership Can Only Be Re-Admitted After Not Less Than 6 Calendar Months Outside The Membership Of The Society, And Payment Of Re-Entry Fee’ Which Shall Also Be Decided By The Management Committee From Time To Time (N5,000 For Now).
*Compulsory Savings*
Every Member Shall Make Regular Thrift Savings, Minimum Of Which Shall Be N4,000.00 (Four Thousand Naira) Monthly.
*Use And Custody Of Funds*
Internal Funds
The Funds Of The Society May Be Held In The Form Of;
A) A Reserve Fund;
B) A Depreciation Fund
C) An Insurance Fund
D) Development, Educational Propaganda Or Other Funds Approved By The President/Executive Director;
E) Current Or Saving Accounts, Cash, Term Deposit Or Federal Government Treasury Bill And Stocks.
*Use Of Funds*
The Funds Of The Society Shall Be Applied Only For The Furtherance Of Its Objectives In Accordance With These By laws And As Approved By The President/Executive Director.
*Investments*
Such Funds That The Society Does Not Require For Current Use May Be Invested In Any Manner Permitted By Law And Regulations And Approved By The President/Executive Director.
*Loans*
Loans May Be Granted To Members Subject Only To Availability Of Funds And Shall Be For The Purposes, Which In The Opinion Of The Management Committee Are Productive Or Necessary, And In The Best Interest Of The Borrower.
*Conditions Governing Loans:*
No Loan Shall Be Granted To;
A) Any Individual Other Than A Member Of The Society
B) Any Member Whose Installments Of Shares Are In Arrears;
C) Any Member Who Has Not Made Thrift Savings Under By law 8.0 For A Period Exceeding The Time Limit Fixed By The General Meeting, If It Would Bring A Member’s Total Indebtedness At The Time Of The Loan To An Amount Exceeding His Maximum Credit Limit.
D) Commercial Collateralized Loan Shall Be Granted To; Any Citizen Of Nigeria Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
E) Commercial Collateralized Loan Shall Be Granted To; Any Nigerian Company Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
*Application For Loans*:
These Shall Be Made To And Disposed Of, By The Credit Committee.
*Loans To Members:*
No Loans Shall Be Made To Members Earlier Than Six (6) Months (Or One Year) Of Becoming A Member Of The Society Except In The Case Of Transfer Or An Existing Loan Of A Past Member To His Nominee Or Other Successor In Interest Or As May Be Specially Considered By The Management Committee/President/Executive Director.
*Maximum Credit Limit:*
The Maximum Credit Limit Of Each Applicant For A Loan Shall Be Determined As Twice The Total Savings Of The Applicant As At The Time Of The Application. This However Is Subject To Maximum Credit Approved By The General Meeting, Availability Of Funds, The Principle Of Making Credit Available To As Many Members As Are Qualified And The Securities Offered.
This Society Shall Focus On The Objectives Of The Society Bye Laws 3.1-3.14 Which Is Predominantly Investment. Hence, Members May Only Access Up To 50% Of Their Voluntary Savings. This Shall Not However, Cover Any Funds Deposited Under Any Fixed Deposit Arrangements, Target Savings Etc.
*Interest On Loan To Members:*
Interest On Loan To Members Shall Be Charged At A Rate Approved By The General Meeting But Shall Not Exceed 24% Per Annum Nor Shall It Be Below 18% Per Annum. In Case Of Default In Repayment Pattern, Interest Shall Be Charged At Twice The Nominal Rate.
*Name, Address And Area Of Operation*
The Society Shall Otherwise Be Known As *Omnibus Global Multipurpose Cooperative Society* (Og-Mcs).
*Its Address* Shall be: 18 Alafia Street Ifako Ijaiye Lagos, And 50 Nile Street, Maitama Abuja. (FCTA/ARDS/COOP/2019/2832)
*The Area Of Operations* Of The Society Shall Be Within Nigeria And Beyond Where The Society Might Have Interest.
*Objectives Of The Society*
*Omnibus Global Multipurpose Cooperative Society* (Og-Mcs) Is A Membership-Based Initiative That Provides Youth Employment, Grants, Food, Medical Aid, Business Training & Affordable Microfinance, Among Other Innovative Support Schemes; Leading To Improved Quality Of Life, Income Profiles And General Welfare Of Its Members
The Objects Of The Society Are To Promote The Economic Interests Of Its Members And Especially;
- To Acquire Acres Of Land For Sale Or Development For Housing, Commercial Or Industrial Purposes As A Form Of Investment For The Economic Benefit Of Members And Non-Members Alike As Occasion May Warrant;
- To Acquire Or Pool Members' Farmlands For Large Scale Arable And Livestock Farming;
- To Cultivate Such Land For Food And Cash Crops And Also Rear Livestock, Including Poultry, Piggery, Fishery Etc
- To Undertake Or Invest In New Ventures Beneficial To The Members And The Society As Approved By The Management Committee. These Include Project Financing, Production, Restaurant Business, Bars, Guest House, Supermarket Chain, Trading Company, E.T.C.
- To Encourage Fixed Deposits From Members Out Of Which A Fund May Be Established For Giving Short-Term Loans To Members, To Acquire Stock Of Shares And Other Rewarding Ventures;
- To Raise Capital And Do Such Other Things As Are Necessary For The Attainment Of These Objects;
- To Set Up Small And Medium Scale Industries; E.G Food Packaging And Cottage Industry Efforts Etc.
- To Produce, Package And Sell Economic And Viable Items For The Benefits Of Members.
- To Operate Warehouse And Cold Room Facilities For The Storage Of Consumer And Producer Goods And Let Out These Facilities To Interested Parties;
- To Manage Financial Portfolios Carefully By Entering The Stock Market For Investment In Stocks And Financial Futures Options’ Market. In This Way, The Society Shall Become Part Owners In Businesses That Produce Goods And Services That Members Buy;
- To Seek Loans For Industrial/Housing Development From Banks, The Cooperative Circle And Other Financial Institutions;
- To Undertake Real Estate Activities For The Benefit Of Members And The Society.
- To Take Measures That Would Promote Among The Members, The Spirit Of Thrift, Mutual-Help And Self-Help Based On Cooperative Principles;
- To Engage In Consultancy And Any Other Economic Or Social Activity.
- To Provide Credit Facilities To Members At Fair And Reasonable Rate Of Interest For Provident And Productive Purposes;
- To Encourage Regular Savings Amongst Members So That Each Member May Cultivate The Habit Of Making Savings At Least Once Weekly, With A View To Building Up Funds For Their Individual Future Use;
- To Stock Consumer And Producer Goods For Distribution To Member And Non-Member; (With Priority To Members) At Fair And Reasonable Rates Of Interest;
- To Serve As A Platform For Financial Inclusion With Special Focus On Less Privileged Members.
- To Empower Low Income Earners In General And To Create Wealth Through Business Development Activities.
- To Promote A Savings Culture Among Low Income Earners In General.
- To Provide Financial Literacy, Entrepreneurial Skills And Training To Enable Beneficiaries To Create And Manage Wealth Through The Application Of Proven Wealth Creation Principles.
- To Provide A Platform That Facilitates Capital Accumulation Among Low Income Households In General Through A Disciplined Savings Culture And The Creation Of Cash Flow Activities Thereby Enabling Participation In Active Business Development And Economic Activities.
- To Provide Platforms That Enhances Corporate Governance, Agro Chain Development, Risk Management, Social Advocacy, Enterprise Development And Support In General.
- Provision Of Credit To Economically Active Less Privileged People In General, Including Formal And Informal Self-Help Groups.
- Promotion And Monitoring Of Loan Usage Amongst Beneficiaries In General By Providing Ancillary Capacity Building In Area Such As Record Keeping And Small Business Management.
- Provision Of Loan Disbursement Services For The Delivery Of Credit Program Of Government, Agencies, Groups And Individuals For Poverty Alleviation In General.
- Operation Of Micro-Leasing Facilities, Micro-Housing, Micro-Finance Related Hire Purchase And Arrangement Of Consortium Lending And Supervise Credit Schemes To Ensure Access To Financial Inclusion In General.
- To Improve The Income Of Less Privileged Youth And The Financially Challenged In General.
- To Improve Food Security And General Living Conditions Of Females In General.
*Our Vision* Is To Provide The Following Business, Management & Financial Solutions To Our Beneficiaries Which Include Individuals, Micro-Enterprise Owners And Traders:
- Daily/Weekly Savings Platform
- Micro-Credit Provision Platform
- Money Management Services
- Small Business Capacity Building
- Financial Advisory
- Retirement Planning
- Financial Planning
- Small Business Technology Support
- Small Business Loans & Risk Management
- Small Business Investment Advisory
- Small Business Mentor-Ship
- Small Business Micro-Finance
- Small Business Management Support
- Small Business Planning & Strategies
- Small Business Micro-Insurance
- Small Business Proposals & Write-Ups
- Target Savings Platform
- Fixed Deposit Investment Opportunities
*We Will Be At The Fore Of The*
- Identification Of Innovative Blue Ocean Business Opportunities
- Support Of New & Existing Member Enterprises
- Production Of Bankable Business Plans For Our Members
- Formal Registration Of Business Enterprises At The Corporate Affairs Commission In Abuja On Behalf Of Our Members Among Other Activities.
*Our Aim Is To Help Our Members*
- Make Informed And Strategic Investment And Risk Management Decisions Based On Their Pre-Analyzed Investment And Life Goals.
- Decide The Most Suitable Job Or Investment Options For Them Based On Their Life/Financial Goals.
- Access Credit Where Necessary Based On Well Structured And Assessed Repayment Plans.
- Manage Their Finances Better And More Efficiently Using Superior Wealth Growth Strategies.
- Get Exposed To Money Making, Wealth Building Lifestyles And Investment Options.
- Access Investment And Risk Management Packages That Improve On Their Present Bottom Lines By At Least 20-30% In Most Cases.
*Other Benefits To Members Include*
• Free Insurance Consulting
• Free Finance Consulting
• Free Business Consulting/Re-Structure
• Free Credit Appraisal
• Free Capital Market Advisory
• Need-Based Mentoring
• Development Of Bankable Business Plans.
• Facilitation Of Procurement Of Business Equipment.
• Provision Of Entrepreneurship Training & Services.
• Facilitation Of MSMEs Participation In Trade Fairs
To Take Other Measures Designed To Encourage The Spirit And Practice Of Cooperative And Self-Help Among Members.
*MANAGEMENT COMMITTEE*
- President/Executive Director
- Head, Compliance, Monitoring & Control
- Head, Membership Mobilization & Management
- Head, Human Resources Mgt. & Training
- Head, General Administration
- Head, Finance & Accounts
- Head, Loan & Risk Management
- Head, Programme Development
- Head, Information And Communication Tech.
- Head, Private Public Partnership
- Head, Recovery
*NON-EXECUTIVE DIRECTORS*
- Director, Compliance, Monitoring & Control
- Director, Membership Mobilization & Management
- Director, Human Resources Mgt. & Training
- Director, General Administration
- Director, Finance & Accounts
- Director, Loan & Risk Management
- Director, Programme Development
- Director, Information And Communication Tech.
- Director, Private Public Partnership
- Director, Recovery
*OPERATION TEAM*
- President/Executive Director
- Regional Coordinators
- State Coordinators
- Area Coordinators
- Unit Coordinators
- Regional Directors
- State Directors
- Area Directors
- Unit Directors
- Head, Compliance, Monitoring & Control
- Head, Membership Mobilization & Management
- Head, Human Resources Management & Training
- Head, General Administration
- Head, Finance & Accounts
- Head, Loan & Risk Management
- Head, Programme Development
- Head, Information And Communication Tech.
- Head, Private Public Partnership
- Head, Recovery
- Head, Security (CSO)
*MEMBERS OF STAFF*
- Compliance, Monitoring & Control Officers
- Membership Mobilization & Management Officers
- Human Resources Management & Training Officers
- General Administration Officers
- Finance & Accounts Officers
- Loan & Risk Management Officers
- Programme Development Officers
- Information And Communication Technology Officers
- Private Public Partnership Officers
- Recovery Officers
- Security Personnel
*OPERATIONAL COMMITTEES*
- Compliance, Monitoring & Control Committee
- Membership Mobilization & Management Committee
- Human Resources Mgt. & Training Committee
- General Administration Committee
- Finance & Accounts Committee
- Credit & Risk Management Committee
- Programme Development Committee
- Information And Communication Tech. Committee
- Private Public Partnership Committee
- Loan & Debt Recovery Committee
- Compliance, Monitoring & Control Committee
- Membership Mobilization & Management Committee
- Human Resources Mgt. & Training Committee
- General Administration Committee
- Finance & Accounts Committee
- Credit & Risk Management Committee
- Programme Development Committee
- Information And Communication Tech. Committee
- Private Public Partnership Committee
- Loan & Debt Recovery Committee
- Empowerment And Social Services Committee
- Consumer Products Committee
- Ethics And Corporate Governance Committee
- Consumer Products Committee
- Ethics And Corporate Governance Committee
*The Management Committee*
Subject To The Law, The Regulations And These By laws, The Day To Day Administration Of This Society Shall Be Vested In The Management Committee.
It Also Shall Have Power To Create Sub-Committees/Functional Committees To Which It May Delegate Parts Of Its Functions Provided That A Member Of The Management Committee Shall Head Such Functional Committee(S).
It Shall Consist Of Active Members Over The Age Of 18 And Its Constitution May Be Approved By The President/Executive Director, General Meeting Or The Agm.
The Management Committee Shall Consist Of At Least Five (5) Members Including The President/Executive Director, General Secretary, Treasurer, Financial Secretary, And Head’s Of Department.
The Management Committee Shall Represent The Various Interest Areas/Units Of The Society, Provided That The Total Membership Is An Odd Number.
The Management Committee Shall Have Power To Lay Down Administrative Rules And Procedures For The Smooth Running Of The Society Provided Such Rules And Procedures Do Not Violate Or Contravene The Spirit And Letters Of The Law, Regulations And These By laws.
It Shall Have The Power To Appoint New Management Committee Member To Fill Any Casual Vacancy Arising Out Of Death, Resignation, Retirement Or Removal Of A Member Of The Committee.
Where The Committee Fills A Casual Vacancy, The Person May Be Approved By The President/Executive Director, General Meeting Or At The Next Annual General Meeting And If Not So Approved, He Shall Forthwith Cease To Be A Management Committee Member.
The Annual General Meeting Shall Have The Power To Increase Or Reduce The Number Of Management Committee Members Provided That Such Reduction Shall Not Bring The Number Below Five.
The Tenure Of Office For A Management Committee Member Shall Be A Period Of Four Years And Shall Cease At The Agm Of The Fourth Year In Office But Shall Be Eligible For Re-Appointment, For The Same Position, Provided That No Management Committee Member Shall Occupy A Particular Position For More Than Two Consecutive Terms.
No Person Other Than Bona Fide Members Of The Society, As Defined By Byelaws 4.1, 4.2 And 4.3, Are Eligible To Be, Or Nominate Members To, The Management Committee.
*Honorarium And Other Payments*
The Honorarium Of The Management Committee Members Shall From Time To Time Be Determined By The Board Of Trustees And Such Honorarium Shall Not Be More Than 20% Of The Net Surplus (Before Charging The Honorarium) Of The Society For Any Particular Year.
The Amount Will Be Shared By All The Management Committee Members In Proportions To Be Decided By The President/Executive Director With Input From Other Management Committee Members.
*The Secretariat*
A. The Society Shall Have A Secretariat Where Its Activities Shall Be Coordinated.
B. The Secretariat Shall Be Supervised By The General Secretary And Other Management Committee Members.
C. The Secretariat Shall Employ Officers Who Will Work In The Secretariat On The Day-To-Day Running Of The Activities Of The Society.
D. Appropriate Entry Point And Conditions Of Service For Any Employed Staff Shall Be Determined By The Management Committee/President/Executive Director From Time To Time.
E. Secretariat Staff Shall Spend Minimum Of 3years Before Promotion Can Be Considered.
F. Secretarial Staff Shall Be Entitled To Remuneration, Allowances And Incentives As Agreed To, By The Management Committee.
G. Secretariat Staff Shall Be Considered For Confirmation As A Full Staff After Two Years Of Continuous Service.
H. Secretariat Staff Shall Be Entitled To Gratuity Based On Years Of Service According To The Staff Policy Of The Society.
*Fidelity Guarantee Of Officers And Employees*
Every Officer Or Employee Of The Society Who Receives Or Pays Out Money On Behalf Of The Society Shall Before Assuming His Duties Furnish A Bond With Sureties And In An Amount To Be Determined By The Management Committee.
In Addition, The Society May Also Take Fidelity Insurance For Its Paid Employees Who Handle Cash Or Stocks On Behalf Of The Society.
Subject To The Law, The Regulations And These By laws, The Day To Day Administration Of This Society Shall Be Vested In The Management Committee.
It Also Shall Have Power To Create Sub-Committees/Functional Committees To Which It May Delegate Parts Of Its Functions Provided That A Member Of The Management Committee Shall Head Such Functional Committee(S).
It Shall Consist Of Active Members Over The Age Of 18 And Its Constitution May Be Approved By The President/Executive Director, General Meeting Or The Agm.
The Management Committee Shall Consist Of At Least Five (5) Members Including The President/Executive Director, General Secretary, Treasurer, Financial Secretary, And Head’s Of Department.
The Management Committee Shall Represent The Various Interest Areas/Units Of The Society, Provided That The Total Membership Is An Odd Number.
The Management Committee Shall Have Power To Lay Down Administrative Rules And Procedures For The Smooth Running Of The Society Provided Such Rules And Procedures Do Not Violate Or Contravene The Spirit And Letters Of The Law, Regulations And These By laws.
It Shall Have The Power To Appoint New Management Committee Member To Fill Any Casual Vacancy Arising Out Of Death, Resignation, Retirement Or Removal Of A Member Of The Committee.
Where The Committee Fills A Casual Vacancy, The Person May Be Approved By The President/Executive Director, General Meeting Or At The Next Annual General Meeting And If Not So Approved, He Shall Forthwith Cease To Be A Management Committee Member.
The Annual General Meeting Shall Have The Power To Increase Or Reduce The Number Of Management Committee Members Provided That Such Reduction Shall Not Bring The Number Below Five.
The Tenure Of Office For A Management Committee Member Shall Be A Period Of Four Years And Shall Cease At The Agm Of The Fourth Year In Office But Shall Be Eligible For Re-Appointment, For The Same Position, Provided That No Management Committee Member Shall Occupy A Particular Position For More Than Two Consecutive Terms.
No Person Other Than Bona Fide Members Of The Society, As Defined By Byelaws 4.1, 4.2 And 4.3, Are Eligible To Be, Or Nominate Members To, The Management Committee.
*Honorarium And Other Payments*
The Honorarium Of The Management Committee Members Shall From Time To Time Be Determined By The Board Of Trustees And Such Honorarium Shall Not Be More Than 20% Of The Net Surplus (Before Charging The Honorarium) Of The Society For Any Particular Year.
The Amount Will Be Shared By All The Management Committee Members In Proportions To Be Decided By The President/Executive Director With Input From Other Management Committee Members.
*The Secretariat*
A. The Society Shall Have A Secretariat Where Its Activities Shall Be Coordinated.
B. The Secretariat Shall Be Supervised By The General Secretary And Other Management Committee Members.
C. The Secretariat Shall Employ Officers Who Will Work In The Secretariat On The Day-To-Day Running Of The Activities Of The Society.
D. Appropriate Entry Point And Conditions Of Service For Any Employed Staff Shall Be Determined By The Management Committee/President/Executive Director From Time To Time.
E. Secretariat Staff Shall Spend Minimum Of 3years Before Promotion Can Be Considered.
F. Secretarial Staff Shall Be Entitled To Remuneration, Allowances And Incentives As Agreed To, By The Management Committee.
G. Secretariat Staff Shall Be Considered For Confirmation As A Full Staff After Two Years Of Continuous Service.
H. Secretariat Staff Shall Be Entitled To Gratuity Based On Years Of Service According To The Staff Policy Of The Society.
*Fidelity Guarantee Of Officers And Employees*
Every Officer Or Employee Of The Society Who Receives Or Pays Out Money On Behalf Of The Society Shall Before Assuming His Duties Furnish A Bond With Sureties And In An Amount To Be Determined By The Management Committee.
In Addition, The Society May Also Take Fidelity Insurance For Its Paid Employees Who Handle Cash Or Stocks On Behalf Of The Society.
*SOME OPERATIONAL COMMITTEES*
- Compliance, Monitoring & Control Committee
- Membership Mobilization & Management Committee
- Human Resources Mgt. & Training Committee
- General Administration Committee
- Finance & Accounts Committee
- Credit & Risk Management Committee
- Programme Development Committee
- Information And Communication Tech. Committee
- Private Public Partnership Committee
- Loan & Debt Recovery Committee
- Consumer Products Committee
- Ethics And Corporate Governance Committee
*Compliance, Monitoring & Control Committee*
Compliance, Monitoring & Control Committee Which Shall Comprise Of Three Members, Shall Be Appointed At A Management Committee Or Annual General Meeting.
*Credit & Risk Management Committee*
Composition Of The Credit Committee:
The Credit & Risk Management Committee Shall Consist Of At Least 5 Member Appointed By The Management Committee Under The Leadership Of President/Executive Director.
*Business And General Investment Committee* Constitution Of The Business And General Investment Committee:
There Shall Be A Business And General Investment Committee, Which Shall Consist Of At Least Five (5) Members Appointed By The Management Committee And The Headship Of Which Shall Also Be Appointed By The Management Committee.
*Consumer Products Committee*
Constitution Of Consumer Products Committee:
There Shall Be A Consumer Committee, Which Shall Consist Of At Least Five (5) Members Appointed By The Management Committee And The Leadership Of Which Shall Also Be Appointed By The Management Committee.
*Creation Of Funds*
Sources Of Funds:
The Funds Of The Society Shall Comprise Of;
- An Undetermined Number Of Shares Valued At N100 Each. Minimum Of 100 shares per member.
- Yearly Membership Fees(N3,000), Proceeds From Sales Of Loan And Membership Forms
- Savings Of Members As Defined In By law 8.7
- Surplus Arising Out Of The Business Of The Society
- Interest Received From Loans, And Miscellaneous Sources As Approved By The President/Executive Director
*Deployment Of Funds*
The Funds Of The Society Shall Be Devoted Only To The Promotion Of The Stated Objectives Of The Society, Or To Any Other Activity Permitted In These By laws, And Any Other Purposes Approved By The General Meeting And The President/Executive Director.
*Share Holding*
Every Member Shall Hold Fully Paid Shares Of At Least 100 Full Shares At A Nominal “Value Of N100 Per Share Which Shall Not Be Transferable Except To A Nominee In Accordance With By law
The Minimum Share Holding Can Be Increased Or Decreased By The Decision Of The General Meeting As The Business Of The Society May Demand.
A Member Will Pay The Full Value Of The Minimum Share Holding On Submission Of His/Her Membership Application Or As May Be Decided By The Management Committee.
Members Who Do Not Pay The Full Value Of The Minimum Shareholding As Prescribed Shall Not Be Entitled To Any Bonus From The Investment Of The Share Capital.
A Member Can Hold Any Number Of Shares In Excess Of The Minimum Shareholding But Not Exceeding 20% Of The Total Paid Up Share Capital By All Members At Any Point In Time.
*Entrance Fees/Re-Entry Fees*
Every Member, On Joining The Society Shall Pay An Entrance Fee, As May Be Determined By The Management Committee From Time To Time (N3,000 For Now). While Any Member Who Had Earlier Resigned/Withdrew His Membership Can Only Be Re-Admitted After Not Less Than 6 Calendar Months Outside The Membership Of The Society, And Payment Of Re-Entry Fee’ Which Shall Also Be Decided By The Management Committee From Time To Time (N5,000 For Now).
*Compulsory Savings*
Every Member Shall Make Regular Thrift Savings, Minimum Of Which Shall Be N4,000.00 (Four Thousand Naira) Monthly.
*Use And Custody Of Funds*
Internal Funds
The Funds Of The Society May Be Held In The Form Of;
A) A Reserve Fund;
B) A Depreciation Fund
C) An Insurance Fund
D) Development, Educational Propaganda Or Other Funds Approved By The President/Executive Director;
E) Current Or Saving Accounts, Cash, Term Deposit Or Federal Government Treasury Bill And Stocks.
*Use Of Funds*
The Funds Of The Society Shall Be Applied Only For The Furtherance Of Its Objectives In Accordance With These By laws And As Approved By The President/Executive Director.
*Investments*
Such Funds That The Society Does Not Require For Current Use May Be Invested In Any Manner Permitted By Law And Regulations And Approved By The President/Executive Director.
*Loans*
Loans May Be Granted To Members Subject Only To Availability Of Funds And Shall Be For The Purposes, Which In The Opinion Of The Management Committee Are Productive Or Necessary, And In The Best Interest Of The Borrower.
*Conditions Governing Loans:*
No Loan Shall Be Granted To;
A) Any Individual Other Than A Member Of The Society
B) Any Member Whose Installments Of Shares Are In Arrears;
C) Any Member Who Has Not Made Thrift Savings Under By law 8.0 For A Period Exceeding The Time Limit Fixed By The General Meeting, If It Would Bring A Member’s Total Indebtedness At The Time Of The Loan To An Amount Exceeding His Maximum Credit Limit.
D) Commercial Collateralized Loan Shall Be Granted To; Any Citizen Of Nigeria Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
E) Commercial Collateralized Loan Shall Be Granted To; Any Nigerian Company Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
*Application For Loans*:
These Shall Be Made To And Disposed Of, By The Credit Committee.
*Loans To Members:*
No Loans Shall Be Made To Members Earlier Than Six (6) Months (Or One Year) Of Becoming A Member Of The Society Except In The Case Of Transfer Or An Existing Loan Of A Past Member To His Nominee Or Other Successor In Interest Or As May Be Specially Considered By The Management Committee/President/Executive Director.
*Maximum Credit Limit:*
The Maximum Credit Limit Of Each Applicant For A Loan Shall Be Determined As Twice The Total Savings Of The Applicant As At The Time Of The Application. This However Is Subject To Maximum Credit Approved By The General Meeting, Availability Of Funds, The Principle Of Making Credit Available To As Many Members As Are Qualified And The Securities Offered.
This Society Shall Focus On The Objectives Of The Society Bye Laws 3.1-3.14 Which Is Predominantly Investment. Hence, Members May Only Access Up To 50% Of Their Voluntary Savings. This Shall Not However, Cover Any Funds Deposited Under Any Fixed Deposit Arrangements, Target Savings Etc.
*Interest On Loan To Members:*
Interest On Loan To Members Shall Be Charged At A Rate Approved By The General Meeting But Shall Not Exceed 24% Per Annum Nor Shall It Be Below 18% Per Annum. In Case Of Default In Repayment Pattern, Interest Shall Be Charged At Twice The Nominal Rate.
*Disposal Of Surplus*
Appropriation:
At The Close Of Each Financial Year, The Excess Of The Society’s Income Over Expenses Shall Be Appropriated To The Following Funds;
A) Reserve Fund: At Least One-Eight (12.5%) Shall Be Carried To The Reserve Fund, Unless A Lower Rate Is Prescribed By The President/Executive Director.
B) Education Fund: Up To 20% To The Education Fund
C) Honoraria (Not More Than 17.5%) And Donation Or Other Appropriation – As May Be Decided By The Management Committee And Approved By The President/Executive Director
D) Dividend On Members’ Saving, Bonus On Patronage, Share Capital Interest, Or Build Up Of General Investment Reserve Shall Not Be Less Than 50% Of The Net Surplus.
*Dividend*
The Management Committee Shall Determine The Dividend Payable On Shares, Loan Repaid And Savings, Provided That The Appropriation From Net Surplus For Dividend Shall Not Be Less Than 50%. No Dividend Shall Be Paid If Any Overdue Claim To A Depositor Or Lender Remains Unsatisfied. A Lien Shall Be Placed On Such Dividend And Applied To Service Such Outstanding Loan.
There Could Also Be Surplus/Profit Plough Back If There Is A Reasonable Reason To Do. This Would However Be Subject To An Approval At The General Meeting.
*Reserve Fund*
The Reserve Fund Is Indivisible And No Member Is Entitled To Claim A Specific Share In It. Except With The Permission Of The President/Executive Director, It Shall Not Be Utilized In The Business Of The Society, But Shall Be Deposited Or Invested In Accordance With Sections 33 And 34 Of The Nigerian Cooperative Societies Decree 90 Of 1993 (Now Act 2004) And Section 25 Of Law But Subject To The Written Permission Of The President/Executive Director.
*President/Executive Director’s Approval*
The Appropriation Of The Net Surplus Shall Be Subject To Approval By The President/Executive Director And Governed In All Respects By The Spirit And Letter Of The Law And The Regulations.
*Audit And Supervision Fees (A.S.F)*
Audit And Supervision Fees Shall Be One Percent (1%) Of The Gross Income Or Any Rate Assessed By The President/Executive Director And Shall Be Paid Annually By The Society To Any Recognized Body Approved By The President/Executive Director.
*Education Fund*
Not Less Than 10% Of The Yearly Net Surplus Shall Be Carried To An Education Fund Reserve.
*Adm.Dr.Tokunbo Akeredolu-Ale*
FCIA FCILRM FCIPM FCISMDM FIMC
FNIIS FNACSP ACICPFM CMC CITP
CH.DMP MIT MPM Dipl.DM PGD.DM
MBA.DM MITCDOIQA
*President/Executive Director*
OMNIBUS GLOBAL MULTIPURPOSE
COOPERATIVE SOCIETY (Og-Mcs)
+2348185000488.
*Omnibus Global Multipurpose Cooperative Society*
Appropriation:
At The Close Of Each Financial Year, The Excess Of The Society’s Income Over Expenses Shall Be Appropriated To The Following Funds;
A) Reserve Fund: At Least One-Eight (12.5%) Shall Be Carried To The Reserve Fund, Unless A Lower Rate Is Prescribed By The President/Executive Director.
B) Education Fund: Up To 20% To The Education Fund
C) Honoraria (Not More Than 17.5%) And Donation Or Other Appropriation – As May Be Decided By The Management Committee And Approved By The President/Executive Director
D) Dividend On Members’ Saving, Bonus On Patronage, Share Capital Interest, Or Build Up Of General Investment Reserve Shall Not Be Less Than 50% Of The Net Surplus.
*Dividend*
The Management Committee Shall Determine The Dividend Payable On Shares, Loan Repaid And Savings, Provided That The Appropriation From Net Surplus For Dividend Shall Not Be Less Than 50%. No Dividend Shall Be Paid If Any Overdue Claim To A Depositor Or Lender Remains Unsatisfied. A Lien Shall Be Placed On Such Dividend And Applied To Service Such Outstanding Loan.
There Could Also Be Surplus/Profit Plough Back If There Is A Reasonable Reason To Do. This Would However Be Subject To An Approval At The General Meeting.
*Reserve Fund*
The Reserve Fund Is Indivisible And No Member Is Entitled To Claim A Specific Share In It. Except With The Permission Of The President/Executive Director, It Shall Not Be Utilized In The Business Of The Society, But Shall Be Deposited Or Invested In Accordance With Sections 33 And 34 Of The Nigerian Cooperative Societies Decree 90 Of 1993 (Now Act 2004) And Section 25 Of Law But Subject To The Written Permission Of The President/Executive Director.
*President/Executive Director’s Approval*
The Appropriation Of The Net Surplus Shall Be Subject To Approval By The President/Executive Director And Governed In All Respects By The Spirit And Letter Of The Law And The Regulations.
*Audit And Supervision Fees (A.S.F)*
Audit And Supervision Fees Shall Be One Percent (1%) Of The Gross Income Or Any Rate Assessed By The President/Executive Director And Shall Be Paid Annually By The Society To Any Recognized Body Approved By The President/Executive Director.
*Education Fund*
Not Less Than 10% Of The Yearly Net Surplus Shall Be Carried To An Education Fund Reserve.
*Adm.Dr.Tokunbo Akeredolu-Ale*
FCIA FCILRM FCIPM FCISMDM FIMC
FNIIS FNACSP ACICPFM CMC CITP
CH.DMP MIT MPM Dipl.DM PGD.DM
MBA.DM MITCDOIQA
*President/Executive Director*
OMNIBUS GLOBAL MULTIPURPOSE
COOPERATIVE SOCIETY (Og-Mcs)
+2348185000488.
*Omnibus Global Multipurpose Cooperative Society*
(Og-Mcs)
*PROPOSED FUNDS*
- N10b Agro investment fund
- N10b Real estate investment fund
- N10b Microfinance fund
- N10b MSME development fund
- N10b financial instruments investment fund
- N10b guaranteed investment fund
*Adm.Dr.Tokunbo Akeredolu-Ale*
FCIA FCILRM FCIPM FCISMDM FIMC FNIIS
*PROPOSED FUNDS*
- N10b Agro investment fund
- N10b Real estate investment fund
- N10b Microfinance fund
- N10b MSME development fund
- N10b financial instruments investment fund
- N10b guaranteed investment fund
*Adm.Dr.Tokunbo Akeredolu-Ale*
FCIA FCILRM FCIPM FCISMDM FIMC FNIIS
FNACSP ACICPFM CMC CITP CH.DMP MIT
MPM Dipl.DM PGD.DM MBA.DM MITCDOIQA
*President/Executive Director*
OMNIBUS GLOBAL MULTIPURPOSE
*President/Executive Director*
OMNIBUS GLOBAL MULTIPURPOSE
COOPERATIVE SOCIETY (Og-Mcs)
+2348185000488.
+2348185000488.
Online Cooperative Society Limited
FCTA/ARDS/COOP/2019/2832
Email:info@omnicoop.org
Tel. +2348185000488
Web:Www.Omnicoop.Org
Omnibus Global Multipurpose
Online Cooperative Society Limited
..sustainable investment