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Co-operative society is one of the proven secret that wealthy people are using to achieve success in whatever goal they desire to achieve.
Unfortunately, many Nigerians are missing this lifetime opportunity of using this platform to associate with like minds and gain financial freedom.
One of the factors misleading people about the power is the lack of meaningful results or alters failure of the ones they see around.
But should you drop your search and resign to faith because of these reasons?
Aren’t there co-operative societies at work places and outside that have done well and are still doing well?
Don’t be deceived; cooperative society can be the vehicle to fund your building project without stress and for the growth of your business if it’s well run.
One proven case study of how co-operative society can help a person earning either low or middle class income to build a house is the story of Maniberu Adeomo.
He’s a poor teacher on a meager salary of N25,000 in a private secondary school.
His friend and colleague, Mr. Matthew informed him about a certain co-operative society in the city that was turning its members to vehicle owners and better business men and women.
Maniberu and his friend joined the society and began contributing five thousand naira monthly each.
After six months, they borrowed times three, of their total contribution of N30,000 to arrive at N90,000 each.
They bought a plot of land each and when they were due for another loan, they started work on the land.
With the support of the co-operative society , they were able to build bungalows of three bedrooms each. The lesson here is to join a cooperative now.
Cooperators cutting the Cooperative Xmas Cake
For better understanding of the effect of joining a cooperative society, let me remind you the story of the broom stick versus the broom bunch.
If given a portion to sweep, while it may take forever employing the services of a broom stick, you will be through in a moment if the broom bunch is applied.
The principle behind this story is what makes it possible for a cooperative to do whatever it is designed to achieve.
In my desire to understand how co-operative society can be used for the common good of members effectively, I have conducted series of research for four years and spent thousands of personal and company funds.
Here is the outcome and what you now do with it is subject to your decision.
But if you may allow me, I will advise you to read this up and take an immediate action for or against it.
I however hope your action will be in the affirmative because if otherwise, it may come to haunt you.
The Project
Prime Asset Housing Co-Operative Multi-Purpose Society Limited (PAHCMS LTD) project is an initiative of Realty Point Limited.
It is a private venture initiative to assist individuals in owning a home.
It is registered with the appropriate Government supervisory body and runs independent of the promoters.
It has full complement of duly elected executives. Therefore, Realty Point Limited is not the owner of this Co-operative Society.
Overriding Objectives
To help members become Landlords by:
1. Providing property purchase and construction opportunities for self-use.
2. Providing a 10 – 25 year mortgage scheme for members.
3. Providing real estate and other investment opportunities for collective gain.
4. Providing investment (real estate inclusive), entrepreneurial and other life enhancing training to members at our monthly meetings.
5. Always providing well-researched and negotiated clusters of landed properties which members can buy; and also assisting in developing into mini-estates while providing other services as may be required, e.g. access to mortgage facilities below the market rate building materials, etc.
6. Providing opportunities for members to borrow for growth in their business operations through our well-structured and professionally managed thrift in association with participating Micro-Finance Banks. 20% of our fund at any time is made available for our thrift operation.
7. Investing our collective monthly contributions regularly and distributing 30% of surplus (gain or profit) annually as dividend on a prorated basis.
8. And much more.
In summary, we are a house-ownership actualization and investment society using the power of cooperative and thrift.
If you are interested in more information on Prime Asset Housing Co-Operative Multi-Purpose Society Limited (PAHCMS LTD), you can put a call/text to me through 08059100256 or send me a mail by clicking here. To apply for membership, download application forms fromwww.primecooperative.org or www.realtypointltd.com
Funds Management In a Cooperative Society
Funds management shows that the difference between the rich and the poor is not so much in the difference in income but in the way the income earned is disbursed. I heard somewhere that if your ‘out-go’ is more than your ‘in-come’, then your ‘up-keep’ will be your ‘down-fall’. Individuals and organizations alike have made this mistake and the result is often devastating.
Based on my experience of running co-operative societies successfully for many years till date, I wrote this series of articles to share information on it with you, my esteemed visitor. This article will be enlightening you on how it actually started in Nigeria.
The history of cooperative society with real estate as our focus dates back in history when it became renowned and accepted as a group dedicated towards the building up of the society.
This article is on co-operative society bye laws, principles and practices, let’s get started.According to The International Cooperative Alliance (I.C.A), a cooperative can be defined as an independent, self-sufficient association of people who come together willingly to meet their economic, social, and cultural needs and desires through a mutually owned and democratically controlled enterprise.
If you are interested in buying a personal computer without stress, take time to digest this information. The coming of the computer age has reduced the world from a global village to a global family.
With this article I will be sharing information on mode of business operation and management of co-operative society…It is often said that when visited by a cash cow, don’t just take the cash, milk the cow as well! It is not enough to just have a house, you must know how things run in that house otherwise you will not enjoy the full benefits of living there.
Management of Cooperative Society
Understanding management of cooperative society is the key to the success of any society. You may say Knowledge is expensive but ignorance is more expensive. Effective management of cooperative business is not possible without adequate and up-to-date knowledge of cooperative management, the proper ways and means to which Trustees and Committees can be put to good use.
History of Cooperative Societies
Before I commence the article of today, which is on the history of cooperative societies, let me digress a bit into the major challenges of an entrepreneur. If you are an entrepreneur, you will agree with me that one major issue most people have is the issue of capital. More so, for a business like real estate, the perception is that millions are needed before you can venture into it.
Loans and Financing Business the Cooperative Way
One of the key roles of cooperative society is giving loans and financing business. The ability of any business to do this and grow financially is dependent on how much income it generates, not to mention that the income must far exceed its expenses. Like any institution, they require money for their business operations and this money is gotten from different sources that are approved by the laws and bye-laws of the society.
How To Register A Cooperative Society
Understanding how to register a Cooperative Society is a step in the right direction, especially when we consider that a lot of people have lost their life savings and cash by having business dealings with companies or organisations that are not recognized by law.
The global economic recession has led to the emergence of different types of cooperatives in Nigeria with the motive of helping individuals to get financial support to attain the basic needs of life. Economists have told us that human needs are insatiable. Immediately one need is satisfied, another takes its place, looking for satisfaction as well.
Lack of cooperative law in place has made a lot of people to lost faith in cooperative societies. Their dream of quietly enjoying the economy of scale as a result of pulled resources, buying a land or owning a house or even venturing into great businesses is shattered due largely to mismanagement.